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2 


Financial Timss Friday October 2 1987 




WITHIN THREE hours of the 
arrest of the Eta leader 
Santiago ArrospWe early on 
Tuesday morning by French 
police in the Pyrenean village 
of Anglet, live Spanish anti- 
terrorist experts were sitting 
in on the preliminary inter- 
rogation of the detainee in 
Bayonne. 

The immediate consequence of 
this speedy co-operation between 
the police forces of the two 
countries was a series of swoops 
that started on Tuesday even- 
ing and continued through 
yesterday in Spain's Basque 
country. Suspects were arrested 


and arms caches and safe houses 
discovered. 


Mr Arrospide, better known 
as Santi Pntros. a nom-de-guerre 
he has used during a 29-year 
career in Eta, the Basque 
separatist movement, and which 
became a household name when 
he emerged as the organisation's 
chief strategist 18 months ago. 
had about £400,000 in different 


currencies in his possession 
when the gendarmerie 

knocked on the door of his hide- 
out. Much more importantly, he 
had 15 kg of Eta-related docu- 


ments- 

Claims that Euzcadi Ta 


Askatasuna (Basque Fatherland 
and Freedom) has been driven 
into its final corner have been 
made dn the past. But they have 
never rung truer than at 
present. As the Madrid anta- 
terroriot establishment sees it. 
the carefully nurtured collabora- 
tion with France is now paying 
genuinely big dividends. 

The rich picking at Anglet 
have, as a clear precedent, an 
operation last November against 

a furniture factory in the 
border town of Hendaye that 
was used by Eta as a key opera- 
tions centre. A considerable 
number of documents seized by 


BY TOM BURNS 

the Spanish police provided a 
series of leads that helped in 
the succeeding months trade 
down commandos of Eta gun- 
men and bombers in San 
Sebastian. Madrid and, most 
recently. Barcelona. 

Yesterday Mr Jose Bar- 
rionuevo. the Spanish Interior 
Minister, said the Anglet docu- 
ments appeared to be more 
important than those con- 
fiscated in Hendaye because 
they allowed even greater 
insights into Eta's internal 
structure. 

The speed with which Spanish 
police were Informed of Mr 


IN MADRID 

Arrasplde’s arrest and then 
invited to monitor his interroga- 
tion is viewed as a qualitative 
leap forward in the collabora- 
tion between the two security 
forces. In addition, the arrest 
puts paid to the complaint 
voiced in the past by Madrid's 
security chiefs that France was 
cracking down on rank-and-file 
Eta suspects in the border area 
but maintaining a hands-off 
policy towards the organisa- 
tion's leaders. 

Few doubt now the deter- 
mination by the Government of 
Mr Jacques Chirac to drive Eta 
oat of south-west France. At 


the time of the Hendaye opera- 
tion, 11 months go, a total of 
16 Eta suspects had been 
handed over by France to the 
Spanish police under a new 
policy of summary expulsions 
that Mr Chirac introduced In 
July 1886. The number of hand- 
overs currently stands at 92. 

Hr Arrospide, whose extradi- 
tion was requested yesterday, 
will either be the ninety-third 
Eta member to be returned to 
Spain or will stand trial in 
France should the Bayonne 
magistrate pursue the fact that 
he was armed with a pistol. 

Just why there should have 


been such a “qualitative leap 
forward" is open to speculation. 
But the most reasonable ex- 
planation has to do with a 
number of signals that the 
Madrid Government has issued 
in recent weeks calling for a 
“dialogue’* with Eta to nego- 
tiate its surrender. Prime 
Minister Felipe Gonzalez 
touched on the subject when 
he visited President Francois 
Mitterrand at the end of the 
summer. 

Eta's response has been a 
vitriolic statement which made 
impossible demands about 
self-determination and a car 


bomb blast in the centre of 
San Sebastian last weekend 
that killed one policeman and 
miraculously failed to injure 
any bystanders. o 

Accordingly, the French 
Government has abandoned 
whatever hopes It may have 
harboured for steering through 
a negotiated settlement and 
moved it collaboration in the 
battle against Eta into top gear. 
Mr Arrospide is in fact held to 
represent the most hardline 
sector of Basque separatism. 

It is this development that, 
as Madrid sees it drives Eta 
into Its final comer. 


West Germans urged to take a narrower view of the Fatherland 


BY DAVID MARSH IN BONN 

WEST GERMANY should give 
up any question of reunification 
with East Germany and accept 
that the patriotic concept of 
the " Fatherland’ ’ covers solely 
the territory of the Federal 
Republic. 

This provocative thesis, 
countering the official line of 
all Bonn governments since 
1949 that the two German 
states form a single nation, was 
set out last night by Mr Richard 
Nospers, the mayor of the West 
German town of Saarlouis in 
the Saarland and a member of 
the federal opposition Social 


His speech is likely to add to 
the debate over inter-German 
relations stoked up by the visit 
here last month of Mr Erich 
Honecker, the East German 
leader. Saarlouis last year was 
the first West German town to 
sign a “ twinning ” arrange- 
ment with an East German 
community, the steel city of 
Eisenhuettenstadt. 

Even though the West Ger- 
man Basic Law (provisional 
constitution) of 1949 sets down 
reunification as a fundamental 


Republic that East Germany 
forms a separate sovereign 
country. This feeling has been 
reinforced by Mr Honecker’s 
ceremonial reception in Bonn 
last month, complete with the 
flying of the East German flag 
and playing of the country's 
national anthem. 

Mr Nospers said last night 
that West Germany should 
abolish the annual June 17 
Unity Day holiday, and be 
labelled as hypocrites people 
who wanted to restore a 44 phan- 
tom " unified Germany. 


their patriotic feelings simply 
on the Federal Republic, Mr 
Nospers set down a plain chal- 
lenge to Chancellor Helmut 
Kohl, who continually uses the 
term to embrace both East and 
West Germany. 

The Saarluis mayor’s speech 
took further the line promoted 
by the SPD that Bonn needs 
to give full recognition to the 
East German state as a means 
of improving human rights 
there. 

On a question which has been 
a sticking point In East-West 
German relations. Mr Nospers 
said West Germany should 


recognise that East Germans 
had separate citizenship. Just as 
it did in the case of countries 
like France, Austria or Poland. 
He termed “ imperialistic ” 
Bonn's present policy of giving 
East Germans automatic right 
to West German citizenship. 

Pointing out that German his- 
tory did not start with Bis- 
marck, he also attacked as un- 
sound the notion that the Ger- 
man “nation" should apply to 
the area delineated by the Bis- 
marefcian Empire of 2871. 

Mr Nospers speech comes 
closely after Mr Honecker again 
this week rejected as illusory 


any ideas of German reunifica- 
tion. 

The mayor’s speech also 
underlines how both left and 
right in West Germany are 
increasingly appealing to 
citizens' new-found pride in 
their state. Mr Willy Brandt, 
the former SPD chairman, in 
his emotional retirement 
speech last June, twice men- 
tioned the word Voter land, 
although his remark that the 
Fatherland bad become smaller 
drew criticism from right- 
wingers who accused him of 
renouncing Boon’s duty also to 
represent East Germans. 


Democratic Party (SPD). 


state aim, popular opinion has By evofclog the Vaterumd in 
been growing in the Federal his appeal for Germans to focus 



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Portugal eases curbs 
on currency dealings 


BY DIANA SMITH IN LISBON 

PORTUGAL'S foreign currency 
market underwent a small 
revolution yesterday when the 
Bank of Portugal ceased to fix 
buying and selling rates, and 
the interbank market itself be- 
gan to determine fixing accord- 
ing to volume and rates of trad- 
ing in the crucial midday 
period when banks deal in 
foreign currency with each 
other. 

r At the same time, the escudo 

.ceased to he the currency of 
reference in spot market deal- 
ings, which are now carried 
out with the daily dollar rate 
as reference. That is. banks 
wishing to buy D-Marks or 
sterling trade on the basis of 
the dollar rate, without refer- 
ence to the escudo. 

Until now, the Bank of Portu- 
gal determined the daily 
firing of a basket of the most- 
frequently traded 21 currencies, 
on the basis of international 
market rates and internal 
factors like reserve positions. 
From now on, the Bank of 
Portugal merely announces the 
daily dollar Indicative rate, 
based on international rates: 
the market then trades at what 
price it will bear. On the first 
day of freely-fixed trading, the 
dollar rate announced by the 
Bank of Portugal for selling 
was Es 145.031: 45 minutes 
later the closing price was 
Es 145.038. 

Market sources praised the 
smoothness of the first day's 
liberalised trading, for which 
dealers have been ta ki ng 
special courses. _ 

The innovation is the latest 
in two years of gradual 
liberalisation of a foreign ex- 



Cavaco: spending curbs 


change market, once so rigidly 
controlled by the Bank of 
Portugal that all transactions 
had to pass through the 
bureaucracy of the central 
bank. This meant that a bank 
might clear as little as $550 on 
a $lm operation. 

The Bank of Portugal has 
warned, meanwhile, in its latest 
economic bulletin that the 
pressure of private consumption 
and the worryingly-high volume 
of liquid assets in the hands of 
the public are likely to cause 
further credit restrictions. 

In an attempt to stem a 
spate of private spending re- 
leased after two punishing years 
of austerity in 1983-85, the 
Cavaco Silva government has 
already tightened monthly 
credit ceilings for banks, made 
hire purchase more cos tly, 
raised the price of mortgages 
for the first 10 years, and last 
weekend increased the price of 
petrol and other oil derivatives. 


Dos Santos visit brings 
Angola a little closer 

BY OUR LISBON CORRESPONDENT 


THIS WEEK’S five-day state 
visit to Portugal by Angola's 
President Jose Eduardo dos 
Santos which focused strongly 
on contacts with Portguese busi- 
nessmen has made It possible, 
in his words, to "begin a new 
chapter in Luso- Angolan rela- 
tions.” 

In recent years, Angola’s war- 
impoverished economy, Portu- 
gal’s inability to offer the sort 
of credit that richer European 
countries ***« provide to African 
countries, and the active 
presence in Portugal of sym- 
pathisers of the South African- 
backed Units rebel movement 
have not favoured strong 
economic ties. 

Many Portuguese govern 
ments have faltered in their 
dealings with Portugal’s poten- 
tial] y-ri chest former colony, but 
Mr Anibal Cavaco Silva's ad- 
ministration set a no-nonsense 
tone which culminated in Mr 


dos Santos’s visit— the first state 
visit by an Angolan leader. 

With the signature of an 
economic and technical co- 
operation agreement, plus 
accords on the training in Por- 
tugal of Angolan teachers, and 
Portuguese assistance with the 
Angolan media, the stage la now 
set for livelier relatione. 

Mr dos Santos repeatedly 
appealed to Portuguese busi- 
nessmen to seek opportunities 
in his country, reminding them 
that economic restructuring is 
on the cards, including a review 
of foreign investment legisla- 
tion. 

There is no doubt many 
Portuguese have nostalgic feel- 
ings for Angola, and the 
country's potential in ofl and 
minerals, diamonds, coffee and 
other agricultural products 
would be highly attractive were 
Angola not riven by war 
between the ruling Marxist 
MPLA and Unha. 


Senior Hungarian official 
assails austerity policy 

BY LESLIE COLFTT IN BERLIN 


A SENIOR Hungarian Commu- 
nist Party official has levelled 
devastating criticisms at the 
country’s leadership for not per- 
mitting " alternative " policies 
to its unpopular economic 
austerity programme adopted by 
Parliament lest month. 

Mr Imre Poes gay, secretary 
general of the Patriotic 
People’s Front, a Communist- 
dominated body which includes 
all mass organisations, said the 
Front’s support last week for 
the austerity programme 
amounted to a "robber stamp- 
ing” of the party’s decision. 
His remarks were made in an 
interview with Radio Budapest 
last Saturday which has now 
reached the West. 

The Hungarian official said 
the “ leading role " of the 
party could not be envisaged 
without alternatives being pre- 
sented in the decistan-making 
process. But if the " decision- 
making merely amounts to 
blessing a decision already 
taken — rubber stamping it 
If you like — -then those who 
rubber stamped it do not feel 
compelled outside the cham- 
bers to represent it.” 

Mr Pozsgay is regarded as a 
radical liberaliser by party 
conservatives but is extremely 
popular among party members 
and non-afflliated Hungarians 
who want wide-ranging 
changes in political life. The 
leadership itself has admitted 
that it can only expect the 
population to support its 
economic belt-tightening by 
democratising political institu- 
tions. 


Mr Pozsgay said the party's 
delay in announcing plans to 
democratise his organisation 
and the trade unions nude it 
vulnerable to the 44 accusation 
of secrecy N and qualified the 
whole nutter as a "tactical 
move ” at a time of troubles. 

Earlier, in a speech to the 
Front, he warned that in order 
to ensure that the present eco- 
nomic crisis does not develop 
into a " political crisis, open 
and modem political life is 
needed.” He also remarked that 
not one of the countries which 
had overcome the world eco- 
nomic crisis was a Socialist 
country. 

“ This is something that 
makes one think over our entire 
structure,” he said. 


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SPIRALLING COSTS PUT PARTICIPATION IN JEOPARDY 

' ’ — ■ 

■ 

Bonn doubts grow oyer Eurofighter 



BY PETER BRUCE IN BONN 

THE PATE of West German, 
itioxa in the " embryonic 
ition Euroflghter (EFA) 
project is likely to rest with a 
special West German cabinet 
meeting at Boon's Defence 
ministry complex on the out* 
shirts of the city on November 
XL ^according to politicians and 
officials here. 

The meeting, called to dis- 
-jss an extension of the 
Defence Ministry's medium 
term finance plans to 1991, *i«a 
. seems lik ely to fOoua on two 
expensive projects, the ob- 
servers say, and may have to 
decide between the EFA an 
anfrtanfc helicopter, the PAH2, 
which. Bonn and Paris are try- 
ing to build. 

West Germany faces costs of 
about DM 9bn (£3bq) if it goes 
ahead with the PAH-2, more 
than double wh at was first 
Planned. The EFA would cost 


Boon about DM 191m to pro- 
duce; also much more- than 
planned because of increases in 
West German VAT and 
France’s withdrawal from the 
project 

There is, apparently, growing 
opposition to the EFA from 
within the Defence .Ministry it- 
self, with array end navy officers 
fearing that their own budgets 
could be badly dented if the 
project is allowed to go ahead. 
In Parliament the opposition. 
Social Democrats (SPD) have 
called for the EFA project to 
be scrapped, and even in the 
senior government party, Chan, 
cellor Helmut Kohl’s Christian 
Democrats (CDU). enthusiasm 
is said to be on the wane. 


A Defence Ministry spokes- 
man said yesterday that the 
Government would have' to 
decide by the turn of the year 
at the latest whether to move 


from the present project defini- 
tion phase to the development 
phase. 

Mr Gerhard Stoltenberg, the 
Finance Minister, has come 
under unexpected and fierce 
budgetary pressure for this 
year and next year, and con- 
ventional wisdom in Bonn 
seems to be that the PAH-2 
helicopter will survive but that 
the EFA is a less secure bet. 

West Germany has just bad 
its first joint military exercises 
with the French and the day 
after the special Cabinet sitting; 
President Francois Mitterrand 
and Chancellor Kohl meet in 
Karlsruhe. Bonn is keen to have 
the PAH-2 question settled by 
then. 

-France broke with the EFA 
partners — Britain, West Ger- 
many, Italy and- Spain— because 
it wanted to build a lighter air- 
craft than they did. The French 
are now understood to be toying 


with a heavier version of their 
proposal — the Rafael — and may 
try to lure Bonn away from the 
EFA consortium. 

That seems highly unlikely to 
succeed, though. It would out- 
rage the British and Italians, 
for one, and leave the West 
Germans playing second fiddle 
again to the French on a major 
arms project. It is possible 

though that Bonn may look 
more closely at updating the 
McDonneH-Douglas F-18. 

The cabinet will be under 
great pressure to approve EFA 
development spending when it 
meets on November 11 because 
Britain's Ministry of Defence is 
likely by then to have re- 
commended the cabinet to go 
ahead with the project. If Bonn 
does decide to stay with the 
project its decision would still 
have to be approved by the Bun- 
destag’s increasingly sceptical 
defence and budget committees. 


Nuclear arms on Franco-UK talks agenda 


BY UN DAVIDSON 

NUCLEAR ISSUES were ex- 
pected to be on the agenda 
when Mr George Younger, the 
British Defence Secretary, and 
Hr Andre Glraud, his French 
counterpart, held one of their 
regular discussions of Anglo- 
French defence co-operation in 
Paris yesterday. 

Officially, the French Defence 
Ministry declined to reveal the 
content of the talfey. British 
sources were at pains to dis- 
courage speculation that nuclear 
questions would figure promt 
neatly on the agenda, and im- 
plied that a much higher 
priority was being attached to 
such issues as mlliltary co- 
operation between France and 
Britain in the Gulf, or co-opera- 
tion on conventional arms pro- 
curement. 


. This latter Issue was given 
new impetus by the recent con- 
ference on arms co-operation 
held in London, and commer- 
cial collaboration such as the 
recent accord by Alvis of the 
UK and Panhard of France to 
develop and market the latter's 
VBL light armoured cars. 

Nevertheless, it seems clear 
that, the French Defence Min- 
istry is keen to see media atten- 
tion being drawn to the issue 
of Anglo-French nuclear dis- 
cussions. Yesterday, the Le 
Monde newspaper and the 
French news agency Agence 
France Presse both emphasised 
the nuclear aspect 

The possibility of Anglo- 
French nuclear co-operation was 
first broached at a meeting 
between the two ministers in 


Paris last March. At the time. 
Hr Younger said the aim was 
collaborate on all background 
aspects of the two countries’ 
nati onal nuclear deterrents, in- 
cluding arms control and the 
strategic environment. He 
played down the feasibility of 
discussing the question of joint 
procurement of nuclear equip- 
ment. 

By contrast, questions of 
arms control and the strategic 
environment have gained new 
salience from the accelerated 
progress in the US-Soviet nego- 
tiations on the removal of all 
intermediate-range nuclear 
forces (INF) from Europe. 

Officially, the prospect has 
received the approval of both 
the British and the French 
governments. But there is no 


concealing the fact that it has 
caused considerable private 
anxiety in Paris. Ur Jacques 
Chirac, tile French Prime 
Minister, has made ids mis- 
givings public, saying that an 
INF agreement would only be a 
' agreement If It were the 
step towards a wider 



This week. Mr Chirac reiter- 
ated his misgivings to Mr 
George Bush, the US Vice Presi- 
dent on a visit to Paris, and 
stressed the French Govern- 
ment’s firm desire to see further 
progress in other negotiations, 
especially those on strategic 
nuclear weapons and conven- 
tional forces. After their meet- 
ing; Mr Bush said that there 
were very few differences be- 
tween Washington and Paris. 


UK drives lawnmower through noise curbs 


BY WILLIAM DAWKINS IN BRUSSBJ5 

LAWNMOWER noise has 
become the source of a neigh- 
bourly dispute between EC 
governments. 

The row centres on two Euro- 
pean Commission proposals tor 
quieter sit-on mowers and new 
noise limits for the big — mainly 
British— cylinder mowers which 
give nobler lawns their velvet 
sheen. It has become so serious 
that Denmark, noise conscious 
president of the Council of 
Ministers; is to ask the Com- 
munity’s 13 international trade 


to seek a way out. 

The outcome will affect the 
competitiveness of mower pro- 
ducers across Europe. It is also 
a telling illustration of how the 
EC’s grand drive to create a 
fully free internal market can 
all too often stall on a mole 
hill. 

Host EC mowers already have 
to meet noise limits set two 
years ago. However, the Danes 
only accepted the rules on con- 
dition that the Commission pre- 
pare proposals for tougher 


limits for sit-on mowers. This 
the Commission has now done, 
the only problem being that 
Denmark thinks the suggestion 
that the noise limit for sit-ons 
should be cut from 105 decibels 
to 92 does not go far enough. 
They want 90 decibels; a level 
which most member states can 
accept, even if there are some 
doubts about the noisy Italians. 

The real problem is that the 
limits for sit-on mowers cannot 
be agreed unless Britain can 
persuade its EC partners to sink 


their antipathy to its request 
that cylinder machines get 
special treatment. Mower noise 
tests apply to machines running 
flat out This is fair enough, 
says the UK, for rotary mowers, 
because that is bow they are run 
in normal use. But the bigger 
cylinder Tntmhmm are designed 
to ran normally at slow speeds. 

The UK wants its cylinder 
mowers tested at Skpta, an idea 
which the other 11 member 
states reckon amounts to an un- 
fair advantage. 


Protest greets French remand reform plan 

Legal ‘revolution 9 threatens 
investigating magistrates 


BY GEORGE GRAHAM IN PARIS 


MR ALBIN CHALANDON, the 
French Justice Minister, has 
aroused predictable cries of 
outrage with his plans for the 
reform of the country’s Mfimiiwi 
law procedures. 

His criticisms of the luge 
d'instruetkm, a combination of 
investigating prosecutor and 
criminal magistrate, are an 
attack on an institution that 

has existed since Napoleon. 

“It is a revolution. I know 
the shock that my proposals 
will produce In our institu- 
tions,” Mr Ghalandon said. 

These prosecuting judges, by 
general admission brutally over- 
worked. are understandably 
upset at Mr Ghalandon’s view 
that they are too young and 
inexperienced and far too quick 
to throw their suspects into jail 
while they cany out their in- 
vestigation. 

France’s juges d'instruction 
can be appointed immediately 
after their graduation from the 
national magistrates’ college, at 
the age of perhaps 25. Although 
some remain in branch of 
the judiciary all their profes- 
sional lives, it is generally 
viewed as a young person’s job. 
Many pass on later to other 
specialisations, where they act 
as judges without the same 
investigative function. 

Mr Chalandon plans to take 
away their power to remand 
suspects in custody, giving it 
instead to a panel of three 
independent judges, and to 
insist on a minimum level of 
experience before a trainee 
magistrate can be named as a 
jttge d’instruction. 

There is still a widespread 
respect for the institutions of 
the Napoleonic Code, but recent 
scandals such as the Villemin 
affair, a messy murder investi- 
gation which has dragged on 
since 1984 through a series of 
blunders and is still far from 
resolved, have created con- 
siderable popular support for 
reform. 

The Government has to act 
quickly. A reform of the crimi- 
nal law procedures rushed 
through in 1985 by Mr Robert 
Ba diider, the former Socialist 
justice minister — equally con- 
tested in its time by the magis- 
trates — is due to take effect 
at the beginning of next year. 

The Baodintar reform, which 
also entrusts the decision on 
whether to remand a suspect in 
custody to a panel of three- but 
includes n juge dHnstmction in 



Albin Chalandon 
(above), the Justice 
Minister, considers 
France’s 4 juges 
d’instruction ’ to be 
* too young, too 
inexperienced and far 
too quick to throw their 
suspects in jail.’ But the 
institution dates from 
Napoleonic times and 
proposals for change 
have been met with 
cries of outrage 


the panel, is unworkable, accord- 
ing to Mr Chalandon. It would 
certainly require the appoint- 
ment of as many as 150 extra 
magistrates. 

The budget for the judicial 
system is to be increased by 
45 per cent in 1988. more than 
the average for French mini- 
stries, but not enough to pay 
for the Badinter reform. 

Mr Ghalandon therefore has 
to act swiftly to stop the Bad- 
inter law — whose spirit; he says, 
he folly accepts — from coining 
into effect- 

His proposals, he says, would 
require 65 new magistrates’ 
posts and another 35 court 
clerks. 


But it is not just the law 
courts budget that Mr Ghalan- 
don is aiming at. His reform is 
aimed also at the other main 
problem faced by his Justice 
Ministry: the congestion of the 
French prison system. 

With a total of 33,000 places 
available, the French prison 
system now has 49,000 inmates. 
Of these, 43 per cent have yet 
to face trial. This figure was 
even worse a year ago, but Is 
stta significantly higher than 
to West Germany (24 per cent) 
or the UK (20 per cent). 

Mr Ghalandon, who has 
aroused considerable opposition 
with some of his other pro- 
posals for dealing with prteon 
overcrowding, such as the 
building of private prisons, 
aims to reduce the percentage 
to 30 to 33 per cent over the 
next two years with his reform 
of the juge d ’instruction pro- 
cedures. 

Besides the economic argu- 
ment. the extraordinarily high 
number of prisoners who have 
yet to face trial means a con- 
siderable number of miscar- 
riages of justice. Last year. 

2,246 people who had been 
remanded in custody were 
eventually acquitted or 
released. 

Among the cases which 
aroused popular attention was 
that of Mrs Mari e-France 
Tateceau, who spent a year in 
prison in 1984 charged with 

the murder of her boyfriend’s 
mother. Although eventually 
released from custody, she then 
spent a further year still 

charged with murder until 
another culprit was found. 

For the judges, the reform 
is just another variant in a 
long-running war against them 
and their reputation. 

“ The investigating magis- 
trates are the only people who 
are to touch on the ground and 
with the police and who folly 
understand the dossiers. The 
idea is a panel iff judges may 
be reassuring to public opinion 
but it is not adequate.” said 
the central magistrates' union. 

“The Minister of Justice 
wants this reform to reduce the 
number of people remanded in 
custody. In fact; the situation 
would be likely to get worse,” 
argued the French association 
of investigating judges. 

With the Badinter reform 
hovering, however, the one 
thing Ur Chalandon cannot do 
is leave the system as it is. 


Champagne 
harvest 
risks losing 
its fizz 


By Paul Betts In Paris 

FRANCE’S Champagne pro- 
ducers are facing a nerve- 
racking harvest because of 
capricious summer weather, 
which has turned 1987, in the 
words of Moet et Cbandon, 
Into “ Fannee de tous lea 
dangers;” 

Mr Yves Benard, the head 
of Moet's Champagne opera- 
tions. said yesterday that pro- 
ducers had decided to risk 
delaying the harvest a few 
more days to try to increase, 
the low alcohol level of the 
grapes. 

“ We are gambling that the 
current dry cool and sunny 
spell will continue for a little 
longer to ensure an adequate 
harvest,” he explained. 


Mr Benard expects the 
equivalent of about 280m 
bottles this year of average 
quality. This is below the re- 
cord 1983 harvest of more 
than 300m bottles but higher 
than last year. Moreover, 
stocks are at a comfortable 
670m, representing the equi- 
valent of more than three 
years’ sales. 

Last year about 205m 
bottles were sold, 130m in 
France and 75m in export 
markets. Britain led the ex- 
port league with 16m fol- 
lowed bv the US with nearly 
15m and West Germany with 
9.4m. 

The Moet-Hennessy group, 
which now accounts for as 
much as 20 per cent of all 
Champagne sales, has unset- 
tled the industry by forging 
a novel association with one 
of the region’s leading co- 
operatives. the Centre Vlnl- 
cole de la Champagne, to 
boost the sales of its Herder 
brand. 

As part of the industry’s 
efforts to increase its export 
sales, producers are drawing 
up a “ quality charter ” to en- 
hance Champagne’s quality 
and reputation. 

Mr Benard also said yester- 
day that the price for Cham- 
pagne grapes was lower thin 
year at FFr 2L77 a kg com- 
pared with FFr 22.19 last 
year. He said Moet-Chandon, 
which sells three out of four 
bottles abroad, expected to 
sell around 31m bottles this 
year or about 5 per c ent more 
than last year. 


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Financial Times Friday October 2 1987 


IMF AND WORLD BANK MEETINGS 



Alexander Nicoll reports from Washington on a co nfr ontation that highlights the frustrations of borrowers and lenders Economic 

adjustment 
*key to new. 

financing’ 


Bankers goaded into showdown on Brazilian debt 


PASSIONS are aroused )n the 
international debt crisis. Brazil's 
confrontation with its creditors 
is becoming a showdown. It will 
determine the future course for 
many other Third World coun- 
tries which have been strugg- 
ling with debt burdens for five 

years. 

Bankers, Industrialised 

governments and multilateral 
institutions alike have been 
goaded by the Brazilian case 
into taking a final stand on the 
principles which have guided 
their handling of the protracted 
crisis. 

At the annual meetings of the 
International Monetary Fund 
and the World Bank in Washing- 
ton this week, Brazil has been 
the focus of the deepening frus- 
trations of both borowers and 

lenders. . . 

Developing countries feel 
that even though they have 
tried to adjust their economies 
their debt problems have only 
worsened. Treating with foreign 
creditors along conventional 
lines is increasingly untenable 

at home. , . 

Moreover, they argue, hanks 
have already recognized that 
their debt is substandard by 
taking large loan loss provisions 
and marking debt down to deep 
discounts in the secondary mar- 
ket Debt strategy is bankrupt, 
and borowers should not have 
to service their debts at face 

value, they say. 

The situation of debtor 
countries is unbearable. Though 
an enormous effort was made, 
the results have been far below 
expectations," says Mr Luiz 
Carlos Bresser Pereira, Brazils 

Finance Minister. 

Against what threatens to 
become an inexorable progress 
towards widespread forced debt 
forgiveness, creditors are finally 
digging in. Countries such as 
Brazil, they say. with large 
economies and substantial 
resources, can and should 
service their debts. 

“ I don't believe that m 



WASHINGTON 1987 


economic policy reforms. 

Mr Michel Camdessus 
signalled that as the new man- 
aging director he will shake up 
IMF lending to cater for the 
ionger-than-exp ected recovery 
of debtors from payments prob- 
lems. But he also re-stressed the 

need for co-operative strategy 
aimed at restoring the debtor 

“ “ 58 t*-n 5 A.*S£ 

a drt t r. iTtaTtoS g gg*. alternative to tfela 

repaid. Interest Is interest It AAl&ides. however are in 

MeSt ltAlS £t«" d0 ■*"■“*■* on the plight of the 
accept lower interest rates. poorest countries, especially 

If Brazil were to win what those in sub-Saharan Africa for 
it is seeking; It would be better which even relatively small 
off than many creditor coun- debts are an excessive burden, 
tries, Mr Leveque says. " I Most loans outstanding to 
think they go much too far these countries are official, and 
in asking for so many benefits.” a momentum Is building — 
Not all bankers take such a though painfully slowly— among 
hard line. Indeed, many would industrialised countries for a 
say privately and a few publicly ran f® ^ measures to aid them, 
—such as Mr Alfred Henrhausen “ T^e conscience of the de- 

of Deutsche Bank— that banks ve ! 0 P*J „ wor ^ „ JSffi 1 
should selectively consider pneked.” says Mr Bernard Chid- 
forms of debt forgiveness and Zimbabwes finance ““L 

have already embarked along ****** Aa * „ w e ?£fa £ 

that road. IMF and World Bank lendjpg 

But bankers are united in 85 . as ^ ncrease< ^ ^ebt relief 
dismissing the secondary mar- are ukely. 
ket as extremely thin and as The battleground is not, 
not providing a true indication tberefore.the debtofthepoo r- 
of the debt's value est nations. It is that of middle- 

The banks* tough' response to !“ CO T^Hn° I AniMtca a0 On 0f them 

Brazil’s reoueftt for £10 4bn in ^ Latin AfflfiriCfl* Oil til Gin# 

gg 8 £S sssks 

St Th^ PaH^riuh^^nnunine nf loans *° ensure that an 7 

wumiFcnituFSE a2 money l«t wUlfce wdl 

Sg£*?G£B.Z25 ZSTiSSSSSf* 

has not met its undertakings. It « ? mJddSi- 

Uu. . agreemen t on £ Se ^ SS 

I& is i prerJqJSlte for futSe >* » flj U “ a h ”° re “Jf. 

-arras u.™ . Sr l 

whirh wav thn nTMinminant ened, prices of export com 


THIRD WORLD DEBT 

Indicative Prices- Bank Loa n,, S e c on dar y Market 

cenis pars 




cants per$ 


which was the predominant .... - , nrnti**- 

thpm<» nr this week's Washing- dities remain very low, protec- 

_ --- , ... ineme ot ims we ex s wasoing tionlst pressures are increasing 

Braal. Mexico. Argentma, Chile to^meetmg. ^ „ s In the develo ped -M id, and 

Treasury Secretary, reasserted out 

the tenets of the initiative be 


Total external debt 

Colombia $15bn 
Chile $20 bn 
Argentina $54bn 
Mexico $103bn 
Brazil $112bn 



By Alexander Ntoff 
in Washington 


prices, has abundant reserves BraaS’s Hues have recentiybeen 
and has enjoyed a return of f*£Hog away, bankers re port. 

Sight capital. Also in the bankers* armoury 

Venezuela has signed an Is the 44 menu of options 
agreement with the banks designed to provide a range , , 

under which it will be repay* of financing alternatives MR BARBE R C ON AB LE, the - 

including the ability to swap World Bank President, stressed 
debt into equity. yesterday that adjustment of 

The menu includes “exit" economies in developing coun- 
bonds which would allow banks tries remained essential if they 
to escape from being repeatedly were to have access to external 
atitwi for new money and financing, 
replace their loans with securi- “ Adjustment Is the key to 
ties on more concessional terms, bringing abou t n ew financial 
Packages incorporating in* flows," he told reporters as the 
genious new financing methods, annual meetings of the Bank 
however, cannot be agreed and the International Monetary 
nniftRs debtor countries pursue Fund neared their end. 
acceptable economic policies. Mr Conable’s remarks under- 
The complaint of borrowers is toed the dear rneraage which 
ihat even when they do adopt h* 5 t his week sent to 

IMF-endorsed programmes, the devdop^ crontrie* agrij^ 
finance to support them is th^r protests that they have 
intolerably slow in coming, already done as much as they 
TheypoJt out. like Brazil, that * 

commercial bank loans are in I£ co/onlA di d not adjust, 
anv case essentially made to Mr Conable said, both commer- 
fi^^baiiTSErS. del banks ami the World Bank 

__ would simply view new loans 

than those obtained by Mexico . J^L „ n JJ „ nr? Minister 1 ' 88 adding to the stock of debt, 

every other debtor would seek . ®. ut there adjustment 

the same or better— especially leading to growth, new finan- 

P™ 0 ? 58 cine i would be progressively 

* less significant as a proportion 


ing some debt principal. It 
plans shortly to seek new 
voluntary lending. 

Ch il e is in good economic 
shape and has substantially 
reduced its debt through store 
than $2ba of debt/equity 
swaps. 

Many other countries have 
carried out economic reforms, 
enjoyed real growth, reduced 
their current account and fiscal 
deficits and benefited from 
lower interest rases in recent 


Tet even if one were to 
accept the second picture — of 
improving creditworthiness 
likely to lead to restored 
access to financial markets — 
rt could become irrelevant. 

If Brazil were to win terms 
si gnificant ly more concessional 


those pursuing more orthodox 
policies, which would see Brazil 
benefiting from its own 
economic *ni»w*na g emgnt _ 

“ How can you reward Brazil 
when you don't reward Korea? " 
asks Sir Kit McMahon, chairman 
of Midland Bank, arguing that 
debt forgiveness is a very 
slippery slope to go down. 

A generalised slide into 
forgiveness would create much 
more substantial provisions and 
write-offs — potentially bank- 


or Venezuela we are dealing 
with countries that don't have 
the capacity to meet their obli- 
gations." argues Mr Bill 
Butcher, chairman of Chase 
Manhattan Bank. 

“ Provisions do not mean that 
we are renouncing our claims," 
says Mr Jean-Maxime Leveque, 
chairman of Credit Lyonnais 


J F M A M J J 

1987 


the benefit which countries 


launched two years ago: 

economic policy reforms to pro- ™ r * V s _ 

mote growth, to be financed by haJtmg interest payments to Paris drib rescheduling, and a want to hold the tine? 


J“ v f„ ,j!?L n k 3 have broken ranks, with Brazil dated an DIF agreement, a in the hands of banks which 


UIUIC gtUWUi, tu uc UUMiwvu Ujr TYttHWM. MUinfwiao inctanrl A f UaTUlfg ^OJUieiMO W Aoua “ r* . . 

additional equity investment ° banks in February and Peru new bank loan and reschedid- Bankers believe that it is ta 

and new lending. m ® F ne ?hJf, almost completely isolating ing. fit is already missing some the interests of countries such 

He embellished the Baker from the international of the economic targets in its ss^ Brazil not t o cut t hemselves 

__ . _ Plan by calling for a new IMF financial community. IMF programme. off from the Interactional fi^n- 

He and other bank chairmen lending facility which would JS'®- 1 TT J .. . . _ . , , aai community, because they 

vehemently oppose Brazil's pro- compensate debtor countries for WJ Merest oo their debts. Underimdng wamng ifomesbc Alongside this bleak picture, depend upon it for the fi nan cin g 
- - ■ ■ ■ ■ — events they could do nothing Domestic political climates political support for the cod- however, rt Is also possible in of their day-to-day trade. Short* 

about such as higher interest have meanwhile moved heavily ventional approach Is the^ recent sketch a more opitunistic one. term trade and interbank credit 

rates but would at the same against austere economic adjust- electoral setback for President Mexico, in crisis a year ago, hoes are bankers* last resort. By 

time give debtors' added incen* ments. Baui Alfoosm of Argentina, has turned around remarkably cutting them, they could make 

tive to pursue IMF-approved A growing number of debtors Tins year his government: nego- with the help of higher oil life hard for a debtor country. 


ments with 

stabl fees cropypies « wP * ^S^r'c^birK 

I* £iu£ He forecast that there would 
tthArtjApm be con tinuing dialogue between 

relative burdens each 

again. should shoulder. 

Each participant— commer- 
^ rial banks, developing coun- 

re warded. * jSSJShH tries, industrialised govem- 

does things right, the financial mentB internktioaal 

communis ought to be a little institutions— “will all take 

rupting some hanks— and SSeJ^SaseiffaiiStten.*? stands to . get * re 1 **™ »dvan- 
ylrtuaUy eliminate tte inoetttrre ^f/n^^ScUlS?^" B g^ .°L J i gotU - 4 

Ule P °^ de ? : ■ aTe . spefa 

m00 .y «h<mld be there from all ^ 

sources. take some time to have a signi- 

In Brazil, the policies ere not fleent Impact on the amount of 
there. In the end, the fate of debt outstanding, 
the debt problem will come Mr Conable welcomed Japan’s 
down to the will of borrowers dec isio n to participate in the 
to carry out domestic economic replenishment of the Inter- 
reforms and the w illin g n ess of national Development Associs- 
credi tors— governments and tion, the Bank’s concessional 

bank s alike— to support those lending affiliate, Japan's cootri- 
tbat do. Progress on both button had taken the replenish* 
fronts has been shaky. ment above the level needed 

The alternative for both for it to trite effect. 
sides are undesirable: poorly 
managed or underfinanced 
developing countries, and huge 
costs for bank shareholders 
and taxpayers in industrialised 
countries. . With economic 
growth remaining riuggish and 
keeping a lid on de 


for banks to help finance 
troubled debtors. 

Some would argue that this 
process Is exactly what should 
happen, and the sooner fte 
better. They say a default would 
not cot countries off from finan- 
cial flows indefinitely. Previous 
defaults in Latin America have 
been followed quite rapidly fay 
resumption of lending. 

It is against this scenario of 
huge losses that banks are fight- 
ing, even if not with a wholly 
unified front. What weapons are 


posals for converting debt into 
securities in which the terms 
take Into account the dis- 
counted secondary market 
value. This, Mr Leveque argues. 


US foreign debt 
blamed for 
gloomy outlook 

port potential, there is a con- THE US foreign debt has been 
siderable ride that— despite the blamed for a gloomy worldwide 
stand taken by the developed economic forecast by the World 
world this week — this is the Bank. AP reports from Washing- 



path being taken 







At Booker, 


our 






comes from 
knowing 
exactly 
which slices 

of the 

food market 
to be in. 



Argentina backs Baker move 


BY TM COONE IN BUENOS AMES 


^sr.; 

-c 

if. -i -V • ••• 

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« 2 >-- :»*. • ’j: • J .*•. .. 

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^ '-- v ■' i X r -.. ■ 


Vet..’ 


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it’s our policy to lead in specialist food 
markets with strong growth potential. 
Already, we're the world’s largest producer 
of breeding stock for white meat. 

We heve the largest health products 
business in Europe, which Includes the 
leading wholemeal bread in the UK. 


Wfe’re also the UK's leading supplier to 
caterers, number two in fish farming and one 
of the top three mushroom producers. 

Booker has afways had the taste for 
success. It's never been more in evidence 
than in the way we're successfully meeting 
today's taste for healthy eating. 



BOOKER 

the taste for success 

Bccicr pic • Portland Hou» ' Slog Place - tendon SW1E ZPV - Telephone 01-828 v£5Q 


ARGENTINIAN 
Minister Mr Marie Broder- 
SGhn has described as posi- 
tive the proposals made this 
week by Hr James Baker, the 
US Treasury Secretary, to 
modify the role of the Inter- 
national Monetary Fund tu 
favour growth in the debtor 
countries. 

Mr Baker's proposals In- 
clude the creation of an addi- 
tional financing facility by 
the Fund and making loan 
disbursements on a six- 
monthly rather than a 
quarterly basts for standby 
agreements of more than 18 
months* duration. 

Speaking in Washington to 
the Argentinian news agency 
Telam, Mr Brodersohn said 
that the proposals would not 
resolve all the problems on 
the foreign debt But “ it is a 
step in the right direction 
... Argentina has been in- 
sisting for some time that the 
foreign debt can only be paid 
in the context of growth. In 
1985 Mr Baker emphasised 
the role of the commercial 
banks. Now he is emphasis- 
ing and trying to adapt the 
role of the IMF and the 


World Rank to this policy of 
growth." 

Mr Dante Caput e, the 
Foreign Minister, returned 
from the US on Wednesday 
evening, after eight days of 
talks and meetings with US 

friBriflh lfi- 

eluding Mr George Shultz, 
the US Secretary of State. 

He also met bank execu- 
tives and spoke to foreign 
diplomats at the UN, pri- 
marily to discuss the foreign 
debt issue. Ia a speech 
delivered at the UN test week 
he claimed that the foreign 
debt problem was 44 the 
biggest threat " to Argen- 
tina’s democracy. 

Mr Caputo, along with Hr 
Juan Sourounle, the Foreign 
Minister, were test month 
called on by President Raul 
Alfossin to lead an Inter- 
national campaign on behalf 
of Argentina to obtain a 
reduction and freezing of 
interest rates. 

On his return to Argentina, 
Hr Caputo played down ex- 
pectations of any major 
advances towards their goal 
but was nonetheless positive, 
saying: “ No one expects that 


from meetings such as these 
win come any Immediate new 
plans, but It Is very important 
for us that at various levels 
In Che US government, not 
only In the economic sphere, 
but also in the political 
sphere, that the foreign debt 
problem has been under- 
stood." 

Is his meeting with Mr 
Shultz he said that by 
"special request" of Presi- 
dent Alfonsln be had empha- 
sised “to what extent the 
foreign debt Issue Is u sub- 
stantial problem for Argen- 


He added that three points 
had been emphasised during 
the various talks— namely 
that Argentina did not Intend 
fairing unilateral action on 
the debt Issue, that the varia- 
tion In interest rates was 
creating instability and un- 
certainty in the Argentine 
economy, and «hat the condi- 
tions that have been attached 
to IMF loans " have further 
reduc ed our room for 
manoeuvre when there 
legitimate demands ana 
need for development" 


ton. 

Mr Jean Baneth, the bank’s 
top international economist said 
the debt would rise if the US 
continued to buy more than it 
sells even at current levels. 

The US holds the largest 
number of shares in the bank, 
which is owned by 151 govern- 
ments. 

“ Global economic perspec- 
tives are in our view, not very 
good,” Mr Baneth said yester- 
day. “ I think there is a remark- 
able consensus that growth in 
the industrial countries will 
remain slow. Where you might 
find less of a consensus is (on) 
how bad a thing this Is." 

He said the rise in US im- 
ports over the years had helped 
other countries by allowing 
them to sell more goods. 

Mr Baneth distributed some 
updated figures that showed the 
average income in the US at 
$17,450 in 1386, ahead of all but 
Switzerland, with (17JB70. But 
its increase last year was slower 
than in nine other industrial 
countries: Norway, Sweden, 

Denmark, West Germany, 

Australia, Austria, Britain, 

Italy and Spain. 

Mr Baneth had a new table 
showing average Incomes dedin- 
ing last year in country after 
country: in Rwanda and in 
Communist-ruled South Yemen 
by as much as 8 per cent In 
Mexico, the flnaru-,ni situation 
of which is now being praised, 
the drop in average income last 
year was from $2400 to $1,850. 



U-. r 






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5 


financial Times Friday October 2 1987 


OVERSEAS NEWS 


Iranian attacks 


return Japan 
to firing line 

BY ANDREW GOWER5 IN DUBAT 


JAPAN HAS been dragged back 
into the Gulf firing line, with at 
least two Iranian attacks on 
Japanese-operated ships con- 
firmed in the last 24 hours. 

Dubai shipping agents re- 
ported yesterday that two 
tankers, the 2S6,425-tanne Libe- 
rian registered Western City, on 
charter to Mitsubishi Oil, and 
the 237, 586-tonne Nichiharu 
Mara, owned by Japan's Nissho 
Shipping, had been fired on by 
Iranian gunboats Close to the 
Strait of Hormuz on Wednesday 
. night. There were unconfirmed 
reports that * third, believed to 
be called the Nissei Mara, was 
also hit in the Gulf of Oman. 
It was not clear how much dam- 
age the ships sustained, though 
no casualties were reported. 

The incidents — though not 
necessarily motivated by any 
Iranian hostility to Japan-— are 
bound to increase alarm over 
the Gulf conflict in Tokyo, 
which has studiously endeav- 
oured to maintain a neutral 
stance in the war, to keep lines 
of communication open to both 
sides and to resist international 
moves aimed at imposing sanc- 
tions on Iran. 

Japan has none the less be- 
come inextricably associated 
with Western efforts to contain 
the war. Japan is especially de- 
pendent on Gulf crude, deriving 
well over half its oil needs from 
' the region. Mr Yasuhiro Naka- 
sone, the Prime Minister, has 
also promised to try and 


arrange a financial contribution 
— though not a military one — to- 
wards the cost of maintaining 
freedom of navigation there. 

There is a limit to what it 
can do to avoid further attacks. 
A few weeks ago, when the 
tanker Nisshin Mara came 
under Iranian attack, the Japa- 
nese shipping industry and 
trades unions simply ordered 
a token two-day boycott of the 
region. Some shipping agents 
believe at least one -of the tan- 
kers hit this week may have 
been trying to insure itself 
against attack by loading- up 
both with Arab and Iranian 
crude. 

There have been warnings of 
new Iranian-laid minefields in 
the northern Gulf between 
Bahrain and Kuwait and in a 
key shipping channel just off 
Dubai — the latter of which 1 b 
now being swept by British 
mine hunters. 

Yesterday also saw an 
Iranian attack on the 80,000- 
tonne Pakistani motor tanker 
Jobar — sailing close to a French 
and a Soviet warship— and 
another Iraqi claim to have hit 
an Iranian vessel off the 
Iranian coast There is no mis- 
taking the intensification of the 
tanker war this week, with 
Iraq now claiming 12 attacks 
on Iranian shipping since 
September 21— eight of them 
independently confirmed — and 
Iran now stepping up its 
response. 


Aquino denies giving 
jobs to communists 

BY RICHARD GOURLAY IN MANILA 


PRESIDENT Corazon Aquino 
yesterday categorically denied 
that there were any communists 
in her Government. She was 
responding to opposition and 
military charges that are in- 
creasingly looking like a «naar 
campaign. 

It is the first time Mis 
Aquino has commented on the 
charges since Vice-President 
Salvador Laurel said last month 
that .he had a list of “leftist” 
and " communist sympathisers ** 
in government that was pre- 
pared by military intelligence. 

Mr Laurel handed the list to 
a Senate committee on Tuesday 


but changed his earlier Charges 
that the Government contained 
communists to a testimony that 
it contained “leftists." Although 
a few of the people believed to 
be on the list were radical 
thinkers during the years of 
former President Ferdinand 
Marcos, most of them appear to 
think along the lines of British 
Labour Party centre or West 
Germany's Social Democrats, 
The common theme in a simi- 
lar list of alleged “leftists” pro- 
duced by military intelligence 
before Congressional elections 
in May was that the people had 
been active in opposing Marcos- 


Peking’s courtyards give way to high-rise 


AN INSPIRATIONAL banner 
above the entrance to the 
Xuanwu housing exchange 
makes clear to all comers that 
the home hunt is not going to 
be easy: “ Try 100 times to find 
& house.” 

The makeshift exchange, run 
by a trade union in the south 
of Peking, is a haven for the 
hard sell. Shi Guiyang, a 46- 
yeor-old former radio factory 
worker who wants to move 
closer to her children, carried 
on a placard the vital statistics 
of her four-roomed semi-de- 
tached and the details of her 
dream home. 

, Her chances of swapping are 
,far better than Lao Hao. an 
i?lderly man with tatty shoes 
i*md a 14 sq m hovel that he 
, wants to leave behind for a 
■small place close to town, pre- 
ferably with a garden: “ I 
would like some room to plant 
powers.” 

i The problem of accommodat- 
ing a billion people bas forced 
the Government to review its 
housing strategy and has in- 
spired ordinary Chinese to come 
up with their own solutions. 
While finding a home is diffi- 
cult. moving from an unsatis- 
factory state-assigned home to 
something more to your l ik ing 


Robert Thomson reports on the problems of finding a home in China 


is almost impossible — hence, 
housing swaps. 

Urban Chinese can wait up 
to a decade to be assigned a 
home and the Government bas 
been encouraging the homeless 
in mountainous regions to move 
into caves. An estimated 40m 
Chinese now live in caves — 
suposedly cooler in summer and 
wanner in winter than conven- 
tioinal dwellings — and extra 
money hag been allotted to 


function is far more 
important than form, 
so the apartment blocks 
are all the same 


equip them with running water 
and modem sewerage facilities. 

“ Gtunuci ’’ or connections are 
needed to get most things done 
in and are particularly 

important for house-hunters, 
who have to rely on their work 
unit or a central housing 
bureau to provide them with a 
rental accommodation. A bribe 
or an influential relative will 


help a young couple jump the 
queue and during tile present 
crackdown on corruption, party 
cadres “taking advantage of 
Their position" to do housing 
favours for friends have come 
under repeated attack. 

A Just-completed national 
bousing survey has found that 
the 200m urban Chinese have 
an average of 6.36 sq m of living 
space, though in some parts of 
Shanghai, the most populous 
and congested of Chinese cities, 
the figure is little more than 
2 sq m. 

As one Chinese newspaper 
lamented: “ There are too many 
cases of two or three genera- 
tions living in one crowded 
room, young people yearning 
for a single room where they 
can set up their bridal bed and 
married couples wbo are still 
living with their parents." 

The queues lengthen despite 
the hundreds of off-green and 
fawn apartment blocks that 
have sprouted in the past 
decade, making urban China 
most unlike the rustic place 
many foreigners imagine it to 
be. Old courtyard-style bouses 


are disappearing fast in Peking 
to make way for dusters of 
high-rise, low-rent flats, all of 
which seem to come from the 
same bland mould. 

The Government has experi- 
mented with private sales in 17 
cities since 1982, but has yet 
to reduce the rent subsidies 
that make buying a house an 
unattractive proposition. Most 
Chinese pay only 1 per cent of 
their income in rent, down 
from 2.6 per cent two decades 
ago, and even Deng Xiaoping, 
China’s paramount leader, ad- 
mits: "If house rents are too 
low, people won't buy houses." 

While the Government fears 
that increasing rents to make 
them more representative of 
the cost of an apartment will 
provoke a reaction against econ- 
omic reform, a shortage of con- 
struction funds forced officials 
to decide this month to push 
ahead with rent reform. The 
state hopes to sell more houses 
and devote that revenue to 
housing construction. 

Chen Junsheng, the director 
of the housing system reform 


office, said that housiug reform 
was " as important as wage and 
price reform." The comparison 
highlights the main problem- 
price reform. Bringing prices 
more into line with the costs of 
production by reducing sub- 
sidies has been put on hold this 
year following an increase in 
inflation, which is a sensitive 
polictical issue. 

Mr Chen emphasised that 

The problem of bousing 
a billion people 
has forced the 
Government to review 
its housing strategy 

reform will make the present 
irrational consumption and dis- 
tribution systems “ rational.” 
But, as he well knows, the 
political often gets the better 
of the rational in China. 

At present, rents are not even 
enough to cover maintain an ce 
costs, so buildings built three 
years ago look 20 years old. 
Then there is the problem of 
poor construction. A group of 


Japan plans to spend $12bn on development aid 


BY IAN RODGBR IN TOKYO 

JAPAN has made co mmit ments to- 
tailing $LL32bn out of its widely 
publicised plan to recycle more 
than S30bn of its current account 
surpluses through new aid to devel- 
oping countries over the next three 
years. 

The Foreign Ministry yesterday 
published a progress report on the 
recycling scheme, showing that 
progress had been most rapid in the 
Governments own subscriptions to 


international agencies. 

It has loaned roughly SSJfim to 
the International Monetary Fund, 
another $2JSbn to the International 
Development Agency and a further 
$1.3ba to the Asian Development 
Fund. 

The 530bn aid package, all of 
which is untied, was developed over 
the past year partly in response to 
criticism that Japan was not play- 
ing a role in international develop- 


ment commensurate with its vastly 
increased economic importance. 

The first phase, amounting to 
SlObn and consisting mainly of gov- 
ernment contributions to interna- 
tional agencies, was announced last 
December. The second, amounting 
to over S20bn, was announced by 
Mr Yasuhiro Nakasone, the Japa- 
nese Prime Minister, when he 
marie an official visit to Washington 
in ApriL At the time Japan was 


coming under heavy criticism from 
the US authorities for its aggressive 
trading practices 
According to Foreign Ministry of- 
ficials, more than 80 per cent of the 
initial SlObn has already been com- 
mitted. In addition to the S73bn 
commitments to the IMF and mul- 
tilateral development hanks, $850m 
has been raised by the World Bank 
in the Tokyo market 
Progress on the second phase has 


been slower. The plan is to provide 
about S8bn in assistance through 
multilateral development banks 
and $12bn in loans from Japanese 
channels. Of the Sttbn, about three 
quarters is expected to be co-fi- 
n arced by the Overseas Economic 
Co-operation Fund, Japan's Export- 
Import Bank, and Japanese private 
sector banks with the remainder 
being straight Export-Import or pri- 
vate sector loans. 


Angolan bomber claim denied 

BY ANTHONY ROBINSON M JOHANNESBURG 


THE South African Defence 
Force yesterday denied Angolan 
Government news agency re- 
ports that a Mirage jet fighter 
bomber had been shot down in 
action over southern Angola. 

Earlier this week South 
African military spokesmen 
declined to comment on Ango- 
lan reports that South African 
armoured units had also been 
involved in ground battles 
against Angolan forces np to 
200 kmc insi de Angolan terri- 
tory and that South African jet 
fighter bombers had flown 


bombing raids in support of 
Unita rebel forces. 

Despite the denials, reports 
from southern Angloa indicate 
that Unita troops led by Dr 
Jonas Savimbi have again 
beaten off a large-scale military 
offensive by Cuban and Soviet- 
backed Angolan Government 
forces along the line of the 
Lomba River, 'some 50 kms 
north of the abandoned 
southern Angolan town of 
Marinas. 

South Africa makes no secret 
of its support for Unita which 


also receives Stinger ground-to- 
air missiles and other military 
equipment from the United 
States. 

• The official death toll in the 
worst South African floods in 
living memory rose to 138 yes- 
terday as the insurance indus- 
try braced itself for damage 
claims of more than R450tm. 

Although the main highway 
linking Durban with Johannes- 
burg was re-opened yesterday, 
rail links were still cut by mud- 
slides and washed-away bridges 
and embankments. 


Peres turns to US Jews 

BY ANDREW WHITLEY IN JERUSALEM 


A FRESH row has erupted 
within the coalition Israeli Gov- 
ernment over an appeal to 
American Jews by Mr Shimon 
Peres, the Foreign Minister and 
Labour Alignment leader, to. 
back bis proposal for an inter- 
national peace conference on 
the Middle East. 

Fighting for his political life, 
on Wednesday Mr Peres took 
the highly unusual step of call- 
ing on the powerful Conference 
of Presidents of American 
Jewry in New York to inter- 
vene in Israel’s heated domestic 


dispute on the subject. By tradi- 
tion, Diaspora Jewish communi- 
ties stand aloof from internal 
Israeli politics, backing what- 
ever stand is adopted by the 
Government. 

The refusal of Mr Yitzhak 
Shamir, the hard-line Likud 
Prime Minister, to consider the 
conference proposal has blocked 
recent advances in the peace 
process. In frustration, the 
Labour leader has thus turned 
to a constituency which can 
exercise considerable clout with 
Jerusalem — if it so wishes. 


block 

faulty high-rise flats in Peking 
has been unoccupied for several 
years because the work unit 
involved does not have the 
money to make needed repairs. 

Chinese officials at last seem 
to be aware of the social prob- 
lems caused by high-density 
high-rise living and are taking 
more trouble in landscaping 
new suburbs. But they insist 
that in building design, func- 
tion is far more Important than 
form, so the apartment blocks 
are all the same. 

A few symptoms of the over- 
crowding surfaced at the Xuan- 
wu housing exchange, where 
one of the most common 
reasons given for moving is 
troublesome neighbours. A 
neighbourhood committee first 
tries to counsel feuding families 
and, if that fails, one family 
is likely to try to find a new 
home. 

Li Yonggui. the exchange 
director, said the swappers *n 
not generally resort to the 
housing hyperbole common 
among real estate vendors in 
the West, probably because he 
and other officials who inspect 
houses before they are put up 
for swapping vet the claims. 


Six executives 
convicted in 
Conic fraud trial 

By David DodwcD in Hong Kong 

SEX FORMER executives in 
Conic Investment, which with 
its private associate Home used 
to be Hong Kong’s largest 
electronics manufacturer, were 
yesterday found guilty in the 
territory's high court of con- 
spiracy to defraud shareholders 
and creditors. 

The decision comes after a 
125-day trial — the second long- 
est in Hong Kong's history after 
the recently closed Carrian 
fraud trial — and a record 27 
hours of deliberation by the 
jury. 

Conic floundered in May 
1984, after its former chairman, 
Mr Au Yan-Din, disappeared 
owing the group more *h*n 
HKSlOOm. Mr Au is thought to 
he in Taiwan. 

The six former Conic execu- 
tives, Tam Chungshing, William 
Chan. David Lo, Lam Chungkiu, 
Chambers Woug and Alex 
Wong, were found guilty of 
conspiring in 1983 and 2984 
with the former chairman to 
defraud shareholders and 
creditors by falsifying the 
accounts concerning two ficti- 
tious transactions. Sentencing 
has been deferred until today. 




Even in the glorious days of the 
fifties, one tide eluded us - The World 
Sportscar Championship. 

Today, the jaguar racing team have 
redressed the balance. 

The awesome power of the Viz 
XJR.-8 has emerged triumphant, with no 
less than eight victories in ten outings 
this season. 


UtJARAMA 

Watson/Lammers 


Gieever/Boesd 


1st MONZA 
Watsan/Lannnexs 


.Cheever/'Boesd 


Boesel/Nidsen 


brNURBURGRING 

Cheever/Boesel 

1st Sift 

BoeseL/Brundle/Dumfhes 

1st MOUNT FUJI - 

Watson/Lammers 


Individually its a triumph for 
Jaguar team driver Raul BoeseL His five 

victories this season gives him the World 
Sportscar Drivers Championship. 

He has ended die season on 127 
points, and his fellow Jaguar drivers axe 
second, third and fourth. Watson and 
Lammers (103), and Cheever (100). 
Porsche’s Bdl and Stuck have (99). 

The team position is even more em- 
phatic, Silk Cut Jaguar have 178 points. 

And we’re not finished yet. You can 
be assured we’ll not rest on our laurels. 

Already we re making plans for next 
season. 



WORLD SPORTSCAR CHAMPIONS 1987 



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Financial Times Friday October 2 1087 


AMERICAN NEWS 


W0 



Leak damages Dukakis campaign 


BY STEWART FLEMING. US EDITOR. IN WASHINGTON 


THE campaign by Governor 
Michael Dukakis of Massa- 
chusetts for the Democratic 
presidential nomination has 
been badly shaken by the dis- 
closure that two of his aides 
prepared an “attack video” 
which triggered the withdrawal 
of his rival. Senator Joseph 
Biden. The affair has fostered 
the impression that the Demo- 
cratic Party is fielding accident 
prone candidates. 

A grim -faced Governor 
Dukakis was forced to concede 
that his top aides Mr John 
Sasso and Mr Paul Tully were 
the source of a video cassette 
which juxtaposed a speech by 
Senator Biden and one by Mr 


Neil Kinnock, the British 
Labour Party leader, to show 
bow Senator Biden had copied 
without attribution the British 
politician’s words and gestures. 

Only two days before, faced 
with a report in Time Magazine 
that it was his campaign which 
had leaked the video film to 
the press. Governor Dukakis 
had vigorously denied the 

charge. The episode has 
damaged his presidential bid 
In various ways. 

He has been calling for party 
unity and presenting himself as 
the competent political execu- 
tive whose managerial exper- 
tise has helped to create an 


economic boom In Massacbu- 
getts. 

That image has been dented 
by the disclosure he did not 
apparently know what his own 
top campaign aides were doing 
in his name and by the evidence 
that they initially misled him 
about their involvement in the 
attempt to embarrass Senator 
Biden. 

Governor Dukakis has also 
di played indecision about how 
to respond to the disclosures. 
After first announcing on Wed- 
nesday that Mr Sasso would take 
a two-week leave from the cam- 
paign, later in the day he dis- 
closed that he had accepted the 
resignations of both Mr Sasso 
and Mr Tully, who had been 


working for Senator Gary Hart 
and joined the Dukakis camp 
earlier in the year after Senator 
Hart dropped out 

The departure of Mr Sasso in 
particular is seen as a body Mow 
for Mr Dukakis. Mr Sasso is the 
man who masterminded the 
governor’s 1982 election cam- 
paign. 

Mr Sasso has been the 
governor's alter ego in Boston 
wbere he is credited with chart- 
ing Mr Dukakis's sure-footed 
course through the minefield of 
competing interest groups he 
has had to contend with as he 
sought to balance his pro- 
business policies with the need 
to retain the support of 
traditional Democratic voters. 



Governor Michael Dukakis 


US critics get tough 
over aid to Pakistan 


3Y STEWART FLEMING. US EDVTOR IN WASHINGTON 


THE FUTURE of US foreign 
aid to Pakistan is emerging as 
another m a series of conten- 
tious foreign policy Issues 
dividing the White House and 
Administration critics on Capi- 
tol Hill. 

On Wednesday night Con- 
gressional authorisation for the 
US to continue its $4bn aid 
programme to Pakistan ended 
when a waiver expired which 
allows the Administration to 
make aid payments in spite of 
concerns that Pakistan is 
breaching US non-nuclear pro- 
liferation laws. 

The issue of whether to 
resume aid payments and 


under what conditions will now 
be debated on the floor of both 
chambers in Congress. The 
Administration is expected to 
argue, as State Department 
officials did on Wednesday, that 
cutting of aid sends the wrong 
signal to Pakistan, a country 
whose help is crucial to 
Western efforts to supply anti- 
Soviet rebels in neighbouring 
Afghanistan. 

On Capitol Hill, bowever, 
critics of Administration policy 
are arguing that Washington 
needs to give a higher priority 
to the issue of impeding alleged 
efforts by Pakistan to develop 
nuclear weapons. 


Illness puts off 
FBI chief’s 
swearing-in 


THE SWEARING-IN of Mr 
William Sessions as FBI 
director was postponed 
indefinitely yesterday after 
he was taken ill, AP reports 
from Washington. 


Mr Edwin Meese, the 
Attorney General, asked as 
he left George Washington 
University Hospital what was 
wrong with Mr Sessions, 
said: "We don't know yet, 
for sore. They’re doing some 
tests to find out." 


Hr Sessions was confirmed 
on Friday to succeed Mr 
William Webster in the top 
]db st the Federal Korean 
of Investigation. Mr Webster 
became head of the Central 
Intelligence Agency. 


US scientist urges allies to 
back Soviet offer on SDI 


BY DAVID BUCHAN 


THE recent Soviet offer to 
negotiate precise limits on what 
sort of space-based missile 
defence could be tested by the 
two superpowers could lead to 
a verifiable accord, according to 
a leading member of the Feder- 
ation of American Scientists. 

Mr John Pike said yesterday 
in London, while on a European 
visit to lobby US allies to press 
Washington to negotiate limits 
to Strategic Defence Initiative 
research and development, that 
the proposals presented by Mr 
Edward Shevardnadze, the 
Soviet foreign minister, to the 
US last month mirrored closely 
ideas which the FAS bad urged 
on Soviet scientists for the past 
three years. 

The Soviet proposals are far 


limits on the brightness of 

lasers, the size of mirrors to 

reflect laser beams, the speed 
of interceptors and the strength 
of nuclear power sources that 
could be tested in space. Mr 
Pike said most of such limits 
could be verified by existing 
national satellites and radars, 
though checks on laser bright- 
ness would require special 
cameras placed near the lasers 
while reactors on satellites 

would have to be checked 
before launch, as recently pro- 
posed by the Soviets. 

Among President Reagan’s 
inner circle of arms control 
advisers, only Mr Paul Nitze is ] 
known to be .sympathetic to ; 

negotiated limits on SDI devel- • 
opment. ' 


Brazil’s inflation rate drops 


BY ANN CHARTERS IN SAO PAULO 


BRAZIL’S inflation rate fell to 
5.68 per cent in September, 
according to IBGE, the govern- 
ment institute responsible for 
economic data,- This brought 
inflation to 15.8 per cent in the 
three months since Mr Luiz 
Bresser Pereira, the finance 
minister, introduced his anti- 
inflation plan. 

Financial markets had expec- 
ted a slightly higher figure, 
after August's figure of 6.36 per 
cent. The IBGE said that higher 
urban transport costs, increased 
food prices and more expensive 
restaurant meals contributed 
most to the result. 

The low inflation rate reflects 
the continuation of price con- 
trols in many industries. Busi- 
nessmen said that shortages and 
extra charges on price-control- 


led items were starting to 
appear, but not yet as forcefully 
as this time last year when the 
government tried to keep the 
Hd on prices as ttoe November 

election approached. 

Recent government authorised 
price Increases include a 5 per 
cent increase for bread, a staple 
in the Brazilian diet and an 8 
per cent rise in wheat flour. 
Taxes on moat Increased 5 per 
cent in September but butchers 
are reluctant to pass on the 
charge because consumer nave 
cut back on their purchases. 

The car industry received 
government permission for a 
10.84 per cent price increase. 
This reflects increased prices 
of steel* petrochemical pro- 
ducts, rubber, aluminium and 
some components. 


President Jose Sarcey has 
approved a bill which requires 
companies to pay transport 
costs for employees earning up 
to three times the minimum 
salary, now Cr 2,640 (852) per 
month. The new law emended 
the benefit to 14m workers, 
nearly 80 per cent of the work- 
ers earning these wages, up 
from I.5m workers covered by 

previous legislation. 

President Sarney also an- 
nounced a government action 
plan for investments of Cr 1L3 
trillion ($280bn), over five 
years beginning this year. Sixty 
five per cent of the Investments 
are to be made by the private 
sector. The plan projects the 
creation of 8.4m jobs and 
doubling income for 40m 
Brazilians. 


Ortega orders troop pull-out 


BY PETER FORD IN MANAGUA 


SANDEN1STA troops will with- 
draw next week from nearly 
1,500 square kilometres of the 
most f ought-over territory in 
Nicaragua, President Daniel 
Ortega announced. 

The partial unilateral cease- 
fire will start on October 7, 
along with an amnesty to Con- 
tra guerrillas. 

Under the Central American 
peace plan, all governments 
fighting guerrilla wars are due 
to arrange ceasefires and am- 
nesties by early November. 

At midnight on October 6, 
Mr Ortega announced Sandin- 
ista army troops will vacate 
zones in the mountainous nor- 
thern provinces of Jinotega and 
Nueva Segovia, and in the cen- 
tral southern department of 
Nueva Guinea. 




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yet offering a uniquely balanced environment. 
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For more details of the office and co mmercial 
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These are all zones where the 
Contras are most active, and 
where the government has set 
up regional peace commissions 
to welcome any rebels wilting 
to hand in their arms. 

Mr Ortega said that self 
defence militia, comprising 
armed peasant farmers, would 
remain in the ceasefire zones. 
The army also reserved the 
right to repel with all the means 
at its disposal any attack by 
counter-revolutionary forces 
against the militia or civilians, 
any Contra operation against 
the army launched from a 
ceasefire area, and any Contra 
effort to impede transport 
through the areas, an official 
communique said. 

"We are certain that many 


people Involved with the coun- 
ter revolution in these zones 
will abide by tbe ceasefire, and 
take the amnesty,” Mr Ortega 
said. 

"Ideally, this partial cease- 
fire will gradually become a 
total one," he added. 

The US administration has 
decried Managua's unilateral 
move to reduce the fighting, 
saying that the Sandinistas 
should have negotiated a cease- 
fire with the Contras. 

San din Is ta officials have said 
repeatedly they will not nego- 
tiate with the Contra leader- 
ship. but intend to bnild an 
overall ceasefire from a series 
of local arrangements with 
individual rebel field com- 
manders. 


Alarm spreads 


in Brazil over 


forest destruction 


PRIMITIVE "dash and bum” agri- 
culture practised even in remote 
areas of the wild far western states 
of Brazil is raising alarm in addi- 
tion to smoke. 

Clouds of smoke thousands of ki- 
lometres away are recorded in sat- 
ellite scans of Brazil's vast territory 
and picked up at a receiving station 
10km from Sflo JosG dos Campos, a 
growing aircraft and space industry 
complex east of SSo Panto. 

Taking advantage of free infor- 
mation from the US meteorological 
satellites - Nos 9 and 10 - the Bra- 
zilian Institute for Space Research 
has for the first time this year start- 
ed new studies of weather condi- 
tions that affect the environment 
and the atmosphere over the South 
American continent 

Included in *h?e data collection is 
the Alarming discovery that vast 
areas are being burned in the west- 
ern state of Rondonia near Bolivia, 
in the northern part of the border- 
ing state of Mato Grosso, in the 
south-west of Para State and to a 
fhTiitorf degree in the state of Acre 
which borders on Peru. 

- The findings on fires in the west- 
ern Amazon Basin has so shocked 
scientists that field trips are slated 
for October, to investigate why a to- 
tal of 150,000 square km, an area 
equivalent to half of Norway, has 
gone up in smoke this year. The 
trips are intended to evaluate bow 
much of tbe burning is related to 
virgin forests. 

Tbe Amazon Basin encompasses 
4.8m square km, but the area of still 
virgin forest is under threat 

Mr Albert Setzer, the scientist co- 
ordinating the project on the detec- 
tion of burning for the institute, 
said that some of the areas being 
burned were not virgin forest but 
pastures that have been burned be- 
fore. 

The dryness this year has 
encouraged burning,'' Mr Setzer 
said. “But if it is new land being 
cleared, ifs cheaper to use a box of 
matches than hire a tractor to re- 
move the vegetation.” 

The Brazilian Institute of Forest 
Development (IBDF) charged with 
monitoring the country’s natural 
vegetation has followed the shrink- 
age of the Amazon forest with satel- 
lite pictures since 1968. 

Woefully understaffed, the insti- 
tute’s most recent figures on the 
millions of hectares of destroyed 
natural vegetation are four years 
out of date for many of the states in 
the area and nine years out of date 
for the state of Amazons. 

Mr Cirineo Jorge Lore use, a for- 
est engineer with IBDF, said that 
the daily bulletins on major burn- 
ings. received from the Institute on 
Space Research, are relayed to the 


Anne Charters in Sao 
Paulo reports on the 
impact of slash-and- 
bum agriculture on 
remote Brazilian 
forests 


single fore s t range of posts in each 
state with map co-ordinates on 
where larger burnings occur so that 
they can be investigated. According 
to Brazil's forest code depending on 
the topography of the land as much 
as 50 per cent of natural vegetation 
has to be preserved. 

That is the theory, but the prac- 
tice is far different Tbe far western 
states are over-run with migrants 
looking for land and a new life. 

Mr Orestes Muniz Filho, the Vice 
Governor of Bondonia, told a poten- 
tial investor recently that 10,000 
people a month flood into the state, 
seriously over-taxing what little in- 
frastructure exists. The slate has no 
resources to police the settlers ac- 
tivities. 

Those who try to farm resort to 
burning to clear vegetation. Mr Ma- 
za Katayama, an agronomist with 
Cotia, a large co-operative with a 
farming settlement in Mato Grosso, 
said that within the co-operatives 
land burning was prohibited be- 
cause it killed the organic material 
in the soil but that the practice was 
common elsewhere because it was 
cheap. 

After burning vegetation, the 
land is usually planted with rice. 
The land may yield crops for 10 
years despite this practice, but it 
means no fertile land is left for the 
fanners' children. Up to now, few 
farmers have had to worry about 
productivity because the amount of 
undeveloped land is so vast 

Even those who will take crops 
between soya beans and wheat in 
Mato Grosso often burn the wheat 
stocks rather than plough them un- 
der for natural compost to ggin time 
for a second crop the same year. If 
a disease or insect plagues a crop, 
burning is inexpensive eradication. 

"It’s not correct, but it's common," 
another Coda agronomist lament- 
ed. 

Landowners worried about ex- 
propriation of their land for agrar- 
ian reform also burn hectares to 
show that they are "developing the 
land” and children burn land to 
force out worms for a hefty 51.50 
each to sell to fishermen. Education 
on the damage from burning and 
investigations as to what is being 
burned are not likely to change 
farmers ways until they can afford 
alternatives, or are forced to consid- 
er future generations. 


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Enjoy rcidinp yourcnmplimcnian rapv uf (he Financial T1 
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FINANCIAL TIMES 

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WORLD TRADE NEWS 







Gatt expected 
to rule against 
J apan on spirits 


Wf IAN RODGER IN TOKYO 

THE JAPANESE authorities 
appear to be bracing them- 
selves for a condemnation by 
uio General Agreement on 
Ta riffs a nd Thule (Gatt) of the 
country's taxation system on 
^Ported wines and spirits. 

• A Gatt panel has been study- 
ing these taxes since early this 
year f following a complaint by 
the European Commission on 
behalf of the European spirits 
industries and, in particular, 
Britain’s scotch whisky 
industry. 

Yesterday, a leading Japa- 
neae newspaper, the Nihon 
Keizai Shimbun, reported that 
the Ministry of Finance would 
revise the spirits tax system 
early next year, having learned 
that the Gatt panel had decided 
that the system discriminated 
against imports. The Ministry 
denied this report. 

The EC charged that the Japa- 
nese spirits tax system imposes 
unreasonably high taxes on im- 
ported wines and spirits while 
exempting most locally made 
products from the highest tax 
rates. Consequently, EG wines 
and spirits are very expensive 
in Japan, and so their market 
shares have remained relatively 
smalL 

The Japanese government has 
resisted changing the tax sys- 
tem because of strong represen- 


tations from the domestic 
drinks industry. The timing of 
the Gatt panel decision is rather 
awkward for the ruling liberal 
Democratic Party, which has a 
campaign under way to choose 
a successor to Mr Yasuhiro 
Nakasone as prime minister. 
Some observers fear that the 
leadership candidates may be 
tempted to make imprudent 
commitments to win the sup- 
port of the powerful drinks 
lobby. 

However, the Japanese are 
very poorly placed to ignore a 
decision of a Gatt panel. Japan 
has been one of the major bene* 
fidaries of the free trading 
system under the Gatt Japanese 
government leaders are con- 
stantly extolling the virtues of 
this system. 

These leaders know that if 
they veto the panel’s judgment 
they will face a torrent of abuse 
and probably retaliatory action 
from their trading partners. 

William Dullforce in Geneva 
adds: Mr David Woods* the Gatt 
spokesman, confirmed that the 
disputes panel has completed 
its report, which has been sent 
to the two main parties and will 
be distributed to otter Gatt 
members in mid-October, it 
will probably be submitted to 
the Gatt council at its meeting 
on November 10-11. 


US consoles Israel 
for Lavi cancellation 


BT ANDREW WHITLEY IN JERUSALEM 


THE TROUBLED Israeli de- 
fence industry, hit hard by the 
recent decision to cancel the 
expensive Lavi combat aircraft, 
is on the verge of winning two 
compensation orders overseas, 
together valued at around 
$300m. 

The Reagan Administration 
had assured Jerusalem it would 
help cushion the blow to toe 
state-owned Israel Aircraft 
Industries, prime contractors on 
the Lavi, if the controversial 
project was axed. It has moved 
swiftly -in recent days to imple- 
ment that promise. 

Israel’s first reward has come 
from this week’s lifting by the 
State Department of Hs long- 
standing refusal to permit IAI 
to sell fighter bombers incor- 
porating .US-made components 
to Colombia. 

According to state-run Israel 
Radio, Mr George Shultz, US 
Secre tar y of State, told Mr 
Shimon Peres, the Israeli 
Foreign Minister, in New York 
that permission has now been 
granted for Israel to sell 14 of 
its Kfir aircraft to Colombia, in 
a deal safid to be worth $100m. 
The Kfir. a variant on the 
Dassault Mirage-111, is powered 
by an American Pratt and 
Whitney engine and thus 
requires a US licence for third 
party sales. 

IAI refused yesterday to 
comment on the subject, but 
Foreign Ministry officials eon- 
finned that negotiations have 
been pending with Colombia for 


over two years. Neighbouring 
Ecuador took delivery of 12 
Kfir C-2 warplanes in the late 
1970s, after a prolonged argu- 
ment over the sale between the 
then Israeli Government of Mr 
Menachem Begin and the 
Carter Administration. 

The second " sweetener” for 
losHnoking tat, which Is ex- 
pected to lay off several 
thousand workers because of the 
Lavi cancellation, concerns the 
development in Israel of an 
anti-missile wii«Hp defence 
system. 

Known as the “ Arrow 
Project," the Pentagon is be- 
lieved to have been holding 
talks for several months with 
the Israeli company on a 
lucrative research contract to 
design and develop a short- 
range - missile capable 1 of 
countering Soviet tactical 
ballistic -missiles. . 

The new air defence system 
is an urgent priority for Israel 
following the introduction by 
Syria of Soviet SS-21 and Scud 
missiles, capable of striking at 
major centres of population in 
Israel with chemical warheads. 

The Jerusalem Post reported 
on Wednesday that Israel is 
also seeking maintenance 
orders from the US to service 
some of its military equipment 
stationed overseas. Hopes are 
said to be focused in particular 
on the maintenance of US 
Army helicopters deployed in 
Western Europe, a task which 
would probably be carried out 
by a division of IAL 


Japan takes advantage of 
S Korean trade op ening s 


BY MAGGIE FORD IN SEOUL 

JAPAN has quickly taken] 
advantage of South Koreans 
more open market, imposed in 
response to pressure from. 
Washington, according to the' 
Korean Ministry of Trade and 
Industry. 

M/C 14 8/8} 

In a report submitted to the 
National Assembly, the Ministry 
said that South Korea had libe- 
ralised 24 items earlier in the 
year specifically to meet US re- 
quests. Out of the S255m worth 
of these items South Korea 
imported in the first half of this 
year. Japanese companies had 
sold 58.$ per cent of the total, 
worth S145m, the report said. 

US exports of these items had 
amounted to S45m, or 18 per 
cent. 11 The American companies 
simply did not move fast 
enough,” the Ministry said. 
“Their failure resulted in an 
exacerbation of South Korea’s 
trade deficit with Japan." 

The list of 24 items included 
machine tools (where 80 per 1 


cent of imports came from 
Japan* compared with 14 per 
cent from the US) bulldozers, 
lemons and ii™** electronic 
data processing systems and 
cameras. 

The Ministry report said that 
insufficient marketing in South 
Korea by US companies la partly 
,to blame. Importers also point 
tothe competitiveness of Japa- 
nese goods in terms of quality 
and service, although prices 
naev been hit by the high yen. 

US exporters are continuing 
to press for the removal of non- 
tariff barriers and for greater 
access in the financial service, 
advertising and agricultural 
product sectors. Speaking in 
Washington at an International 
jMonetary Fund meeting thin 
iweek, Mr Sakong H, the South 
Korean Finance Minister, 
[strongly backed further market 
opening in industrialised coun- 
tries to achieve balanced econo- 
•pnic growth worldwide. 


GPA venture plans to buy 
25 ATR prop-aircraft 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


GUINNESS PEAT AVIATION 
(GPA), the aviation leasing 
organisation based at Shannon, 
Ireland, has joined with the 
Fran co-Indian company. Avions 
de Transport Regional (ATR), 
to provide world-wide operat- 
ing leases for the ATR -42 and 
ATR-72 transport aircraft. 

A new company, yet to be 
named, Is being formed by GPA 
Jeiprop (jointly owned by 
GPA and PWA Corporation. 
Canada’s second largest airline 
group) and GLE Avions de 
Transport Regional (jointly 
owned by Aerospatiale of 
France and Aeritaiia of Italy), 
together with Banque Indo* 


Suez and Istituto Bancario Sam 
Paolo di Torino. 

It is planned that the sew 
company will buy initially 23 
ATR-42 and ATR-72 turbo-prop 
transport aircraft, worth about 
£200 m, over five years, with 
first deliveries in 1988- 

The ATR-42 U a 48-50 seat 
twin-engined aircraft with a 
range of about 1,000 nautical 
miles, with some 56 already in 
service, while the ATR-72 is a 
derivative seating 68-70 passen- 
gers, and due to enter service 
in 1B89. 

Total orders and options for 
tbe two aircraft amount to 
nearly 200. 


KWU wins 
plant deal 
in Turkey 

By David B ar dia rd fai Ankara 


TURKISH Electricity 
Authority baa awarded a eon- 
tract to build a 1JMKW 
power-plant fired by Soviet 
natural gas to a consortium 
led by Kraftwez-k Union of 
West Germany, 

The contract will cover 
construction of die plant and 
Installation of equipment on 
a turnkey basis. Total cost is 
expected to be about 3410m, 

Other members of the 
consortium include WTO'S 
parent company Siemens 
SGP, of Austria, and Etmas 
and Kntiutas, two local com- 


The consortium win be ex- 
pected to provide 100 per 
cent financing for the project 
which will have six mija 
each consisting of two 
10QMW gas turbines and a 
160MW steam turbine. 

Tbe KWU bid appears to 
have pulled ahead of the two 
other contenders, consortiums 
beaded by Mitsubishi of Japan 
and Enka of Turkey by having 
slightly higher net produc- 
tivity at 5U7 per cent and 
nearly 200 MW higher total 
output than the otter bidders. 

Initial supplies of Soviet 
natural gas are expected to 
reach Turkey shortly from 
Bulgaria. Eventually Soviet 
gas will be a major source of 
energy for the industrial 
regia ns of Turkey as far as 
Istanbul 


John Wyles in Rome interviews the minister 


.% * .% 


• • •- m i _ 


hew foreign exchange rules 



moves to 




ITALY’S crab-Uke progress to- 
wards fuly liberalising eapital 
movements was given a decisive 
push forward at the end of last, 
week witt the final approval of 
radically new legislation. 

When it comes into force on 
October 1, 1988, the philosophy 
which has underpinned Italian 
controls cm capital movements 
for more than 50 years will have' 
been turned through , 180 
degrees. 

Hencef ordward, nil foreign 
exchange transactions win be 
permitted unices specifically 
controlled or forbidden by law. 
Until now everything hag been 
forbidden unless specifically 
authorised,” says Mr- Reoato 
Ruggiero, Italy's Minister for 
Formal Trade* who piloted tbe 
legislation through its final 
stages: 

There was a curious nrm- 
metry about Mr Ruggiero’s ln> 
vohrement. A diplomat for most 
of his life, he has been Italy's 
permanent representative to 
the European Community and 
la mi energetic evangelist in 
favour of political and econ- 
omic integration. 

The foreign exchange - law 
sets out tbe framework and the 
rules which will aBow Italy to 
participate fotiy on that magic 
day. officially scheduled tor 
1992, when the European Com- 
munity is supposed to remove 
an its internal barriers to the 
free movement of goods, people 
and capital. 

As such. It marks n funda- 
mental break with Italy's post 


‘Henceforth, all foreign exchange transactions will be ^pennltted unless 
specifically controlled by law. Until' -now everything- ha& heen forbidden, 
unless specifically authorised’ — Mr Reaato Ruggiero, Italian Minister for 

y. Foreign Trade ~ y. ;• 


Restrictive foreign exchange 
lam ware first imposed 'during 
the World War I. They were 
refined and tightened by Mus- 
solini in the 1930s, gently 
relaxed in the 1950s' irnd 1980s 
and then hastily -tightened 
again In- the ' 1970s, when 
designer suitcases bursting 
with funds were frequently: 
shuttling across tbe border into 
Switzerland. 

Throughout the 1980s XtaXaa 
gove rnm ents have been moving, 
often fatteriogly, in the direc- 
tion of greater UberaBaation. 
Recurrent currency arises have- 
forced them on several occa- 
sions to reintroduce controls, 
most recently in early Septem- 
ber. However, the body of 
freedoms has been sfieadBy 
enlarged and the new law, first 
tabled in 1988, is a recognition 
of tbe need to codify a new 
approach. 

Nevertheless, caution has by 
no m ea ns been thrown to tbe 
winds — the Italian economy 
is too vulnerable to -renewed 
inflation and the requirements 
of financing a public - sector 
deficit running at between- U 
and 12 per cent of gross domes- 
tic product are too great tor 
the authorities to feel fine* to 


indulge in total deregulation. 

- Free market -critics' of the 
law-are less concerned about 
tiie government retaining -some 
weaponry to -respond to cur- 
rency, and balance of payments 
.crises, Chan the fact that legis- 
lation is vague ' as to what con- 
ditions would. Justify their use. 
/n»' defensive measures set out 
in Article 13 may be deployed 
in the case of "the lira- bring 
m difficulty to foreign exchange 
nariteta or to deal witt damag- 
ing balance - of - payments 


•t . 


The case for the- defence is 
that toe emergency measures 
are in line witt EC rules and 

that requirements of member- 

ship' o< the European Monetary 

System would restrict their 


balanced- : view of overseas 
investments which until :, now- 
may .have: seemed exagger- 
atedly attractive . .-proeMy 
beredse they were controlled. 

. Transactions- which -wfiQ be 
freed of any. requirement for 
officirf authorisation cover a 
wide field. On .the- securities 
front. Italians- wtil be free, to 
invest -in foreign holdings, and 
not 'Just -operating companies. 

They .win ds able in buy un- 
quoted foreign securities, as 
well as an those issued outside 
the. ECrmd will- be able , to in- 
vest in foreign-. mutual funds' 
which do . not- hidd any Italian. 


final legislation retains the 
state's -monopoly on the holding 
of -all foreign exchange, whfie 
riving' -n*r ds tgrg broad diacre- 
Senary powers to limit It Kit 
for the lime being, KaK On s wiH 
sffiB.iMt.be able to hold foreign 
c ur rency abroad, ' In bank 
'recounts or otherwise, nor will 
they be able- to open Rues of 
.credit, to favour of a foreign 


-All in all,, tiie new regime 
afcould Lead to a further Import 
. tant-opening up of the Italia n 
economy with consequent pres- 
sures ou 'the Government to pre- 
vent the' domestic, inflation rata 
becoming too divergent from 
'the Average - of the EMS coun- 
tries. “The legislation will also 
impose a more powerful pres- 
sure on" the Government to cor- 
rect the: public deficit,” says Hr 


Neither Mr Ruggiero nor the 
Bank of Italy seem to tear a 
huge - capital outflow -. when, a 
host of operations are ■liberal- 
ised'- in a year's -time. Relaxa- 
tions which have already been 
introduced are thought to have 
greatly reduced -pent-up pres- 


Operartors wifl be -aide to 
make unlimited, borrowings and 
teodto gs abroad sod tofinacoe 
trade In foreign currency before 
flan contrac ts are . signed, 
on 


re pa tr i ation of. export earnings 


one result could be that real 
Italian interest .rates will re- 
main atno^g t|M highest In vest 1 

em Europe, another that the 
Gov ernm ent will need- to fi n a n ce 
more of it*: debt through for- 
eign borrowing; both to offset 
currency outflows and because 
a greater proportion of domes- 
tic savings will be diverted out 
of government bonds and into 


-.-The minister, believes that 
there win be a psychological, 
impact In the sense .that 
Italians'- will - take . -a more 


p r o du cer s 
wffl ' bbt need peamsmofL to 
finance' productions abroad, nor 
will Kaftan riaftoes and sUppiog 
companies need approval to 



Unlike' an -earlier -draft, 'toe 


Tbe public sector deficit thus 
remains a dangerous threat to 
the smooth liberalisation of 
Italian capital movements and 
failure to bring it down over 
the next three years could mean 
an even rougher ride for the 
Italian economy. . 


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Financial Times Friday October 2 1987 


r 


UK NEWS 



TALKS ANNOUNCED AFTER SHARP RISE IN SHARE PRICE 



SHY may bid for Calor 


BY LUCY KELLAWAY 

BURMAH OIL and SHV. a pri- 
vately owned Dutch company, 
yesterday announced they were 
holding talks which could lead 
to a joint offer Tor Calor Gas. the 
liquified petroleum gas compa- 
ny which was 'demerged" from 
Imperial Continental Gas earli- 
er this year. 

The statement was prompted 
by a sharp rise In the Calor 
share price over the last two 
days, which the London Stock 
Exchange is believed to be in- 
vestigating. 

Tbe companies said that any 
bid would be at a "modest pre- 
mium' to Wednesday’s closing, 


price of 5Q0p a share. The Calor 
share price yesterday jumped 
to 549p, capitalising the compa- 
ny at £780m. compared to a val- 
ue or just over £lbn for Burmah. 
SHV owns 29.9 per cent stake ia 
Calor, most of which was ac- 
quired through a share swap in 
the demerged 1C Gas companies 
in April. SHV said at the time 
that it regarded the stake as a 
long-term investment and had 
no plans to make a fall bid. Bur- 
ma!] owns a 2.4 per cent inter- 
est 

Yesterday Mr David Mitchell, 
managing director of Calor, ex- 
pressed some dismay at the 


news. 1 had hoped that we 
might have a bit of a rest from 
this sort of thing," be said. How- 
ever, if a bid materialised, he 
said it would have to be exam- 
ined on its merits. Calor has 
been under siege almost contin- 
uously since Mr David and Mr 
Frederick Barclay, the UK twin 
investors, bid for IC Gas late 
last year. 

Although there was no direct 
overlap between tbe business of 
Calor and Burmah. Mr Mitchell 
said CastroL, Bunn ah's chief op- 
erating subsidiary, was similar 
to Calor as both occupied domi- 
nant positions in specialist oil 


product markets. 

Neither Burmah nor SHV 
would add to yesterday's brief) 
statement 

Stockbroking analysts yester- 
day suggested that the deal 
would increase Burmah’s tax ef- 
ficiency, and capitalise on its 
skills as a successful marketer 
of oil products. However, they 
said that a takeover would raise 
questions for the future of Cen- 
tury Power and Light, the inde- 
pendent oil company which is 
§9 per cent owned by Calor, 
which could be spun off should 
a bid succeed. 



Parents will 
see school 
records 


9 


Euromarket Day Finder... the only financial 
calendar specially designed for international foreign 
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Telephone: 01-379-7383 
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Telephone: (03) 697-8666 
Telex: 33501 


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PARENTS WILL be entitled to 
see all school records kept on 
their children under govern- 
ment plans published jester- 
flday. 

Mr Kenneth Baker, the Edu- 
cation Secretary, Is proposing 
new regulations which lor the 
first time will give parents the 
right to read files kept on their 
children. 

They will also get the power 
to ask for a copy of the docu- 
ment and will have a right to 
add their own comments to 
those of teachers in school re- 
cords. 

Pupils over the age of 15 will 
get the right to see a reference 
written by their teacher, and 
those aged over 18 will be al- 
lowed to see and copy their own 
files. 

Mr Baker’s plans, outlined in 
a consultation document pub- 
lished today, are aimed at stan- 
dardising record-keeping in 

schools in England and Wales. 

■ 

Also for the first time schools 
will be legally required to keep 
records on the skills, compe- 
tence and academic achieve- 
ments of pupils. 

At present there is no law re- 
quiring records of any kind to 
be kept, although most schools 
keep files on pupils covering ev- 
erything from classroom perfor- 
mance to behaviour and person- 
al problems. 

The proposals, which are like- 
ly to become law by next Sep- 
tember, do not require schools 
to record details of pupils' be- 
haviour or personalities. 


Retailers will sell postage 
stamps in trial scheme 


BY DAVID THOMAS 

THE POST OFFICE is 
with three leading retailers in 
an experiment in which stamps 
will be sold in shops and stores 
as well as at post offices. 

The move, aimed at reducing 
queues in post offices, was an- 
nounced yesterday at the same 
time as the Post Office unveiled 
plans for an £8Qm investment 
programme to improve service 
at its counters. 

In addition, the Post Office is 
pressing the Government to al- 
low it to offer more services 
over its counters. At present It 
is restricted to public sector 
transactions or to business di- 
rectly related to the sending of 
letters, such ss the sale of sta- 
tionery. 

The stamp sales trial involves 
W H Smith. Woolwortb and 
Menzfes and is to be re s trict e d 
to Bristol. Nottingham. York 
and Preston where the retailers 
will be given a 5 per cent dis- 
count for buying stamps in bulk 


for resale. It will last for a year. ' 

The corporation also intends 
to fonfoii more stamp machines 
outside post offices, experiment 
with machines inside some post 
offices which will dispense any 
quantity of stamps and allocate 
service points exclusively for 
■ customers wanting stamps or 
other quick transactions. 

Mr John Roberts, managing 
director of Post Office Counters 
which has been set up as a sepa- 
rate company within the Poet 
Office, said: "We are trying to 
crack the points put to us by our 
customers," 

The investment programme, 
'which will take four to five 
years, will including rebuilding 
or refurbishing many post of- 
fices, including 500 of the lar- 
gest by the end of next year. 
They will have more spacious 
interiors, wall-to-wall carpeting 
and easy to read displays. 

At feast 12 fortber pok offices 
are to get Postshops - self-coo- j 


tained units within post offices 
selling cards, stationery and 
stamps. Some 38 already have 
them. 

The corporation is offering 
new uniforms on 8 voluntary bfl' 
sis to Its counter staff Surveys 
indicate that about TO per cent 
will use them initially. 

It also intends to recruit a far- 
ther 500 part-time workers to 
cope with peak periods at its 
counters in addition to tbe 1,000 
it is recruiting this year. 

Mr Roberts said the Post Of- 
fice counters business wanted 
to be able to offer more goods 
and services, particularly finan- 
cial services such ss insurance, 
and in the longer term possibly 
theatre and travel tickets. 

That would not necessarily 
require legislation, but it would 
need Government consent *1 
Would lifcw them to take this de- 
cision as soon as possible," Mr 
Roberts said. . 


Government to press on with 
reform of employment laws 


THE GOVERNMENT intends to 
add to its proposals for further 
employment law reform when it 
publishes its bill on the issue 
later this month. 

Ministers are expected at 
next week's Conservative Party 
conference In Blackpool to give 
some detail of the Gover nm ent’s 
intentions in advance of the 
planned publication of the bill 
when parliament reassembles. 

The first part of the bill will 
put into practice all the indus- 
trial relations proposals for far- 
ther union reform outlined In 
the Government’s discussion 
document. Trade Unions and 
their Members, issued earlier 
this year. 

But an additional second part 


will include a number of provi- 
sions connected with employ- 
ment Foremost among these 
will be legislative proposals to 
increase the number of employ- 
ers' representatives on the gov- 
erning body of the Manpower 
Services Commission, which ad- 
ministers the Government’s 
training and employment 
schemes. 

Other areas in the bill's sec- 
ond part are likely to include 
proposals on the Youth Train- 
ing Scheme, and the Govern- 
ment's Community Programme 
for the long-term unemployed. 
There were also be some small 
i ti dying-up provisions, althoug h 

in the bill 


there 


be 


honouring Government's out- 
standing 1983 general election 
pianifpdn commitment to con- 
sult on action to deal with 
strikes in essential service in- 
dustries. 

However, Mr Norman Fowler, 
the Employment Secretary, 
made it clear yesterday that the 
Government would proceed 
with its controversial proposal 
to prevent unions from disci- 
plining members who break 
even legally-constituted strikes. 

He told a conference in Lon- 
don organised by the free-mar- 
fcet Institute of Economic Af- 
fairs that the Government 
'would listen carefally to re- 
sponses to its ideas. 


Fall in union numbers forecast to end 


. BY OUR LABOUR EDITOR 
■FALLING trade union member- 
ship levels have probably 
reached a low-water mark, a 
leading academic on onion 
growth suggested yesterday. 

Union leaders will welcome 
the analysis put forward yester- 
day by Professor George Bain, 
chairman of Warwick Universi- 
ty’s school of industrial and 
business studies, particularly 


-as they start on their planned 
year-long review of union or- 
ganisation in the light of falling 
unio n membership and La- 
bour’s third successive election 
defeat. 

Professor Bain, widely recog- 
nised as the pre-eminent aca- 
demic expert on union growth, 
said that the proportion of the 


to fluctuate over the next 5-10 
years, on a marginally de clinin g 
trend, around its level of the 
X950s and 1900s. 

He said: ’TJnlous are likely to 
continue to represent a sub- 
stantial section of the labour 
force - around 40 per cent - 
sometimes more, sometimes 
less; depending oh outside fac- 
tors." 


Shake-up 
planned in 
railways 
bargaining 

BRITISH RAILWAYS Board is 
drawing up a plan for far- 
reaching changes to the indus- 
try’s collective bar gaining ar- 
rangements, covering 139,000 
staff, Charles Leadbeater 
writes.These will be presented 
to the rail unions early next 
jyear. 

The review is expected to 
‘lead to the biggest changes in 
ithe industry’s industrial refa- 
ctions machinery since the 1960s. 
ilt is aimed at simplifying the 
cumbersome bargaining ma- 
{chinery, which was strongly cri- 
ticised earlier this week in a 
i Monopolies and Mergers Com- 
'mission report on rail se tries in 
tbe area around London. 

■ ■ PIGEON droppings weighing 
■an estimated half ton were re- 
moved from the statue of Lord 
-Nelson, the 19tb century admi- 
ral, in Trafalgar Square Lon- 
don, during restoration work 
no w ne aring completion. 

■VEGETARIANS and animal 
.welfare groups are urging Brit- 
ons today to give up meat in a 
'campaign inspired by National 
No Smoking Day. A series of 
events and demonstrations are 
■p lan ned nationwide. 

■ACCIDENT recorders for 
ships, similar to the "black box" 
device installed in aircraft, are 
being offered to shipowners by 
Lloyd’s Register, the maritime 
standards body. The UK-de- 
signed device would record vi- 
rtai details such as whether a 
'ferry’s bow doors were properly 
f closed. 

■GUERNSEY police have tak- 
en custody of more than 50 guns 
■which were handed in by the 
^public during a two-week ara- 
'nesty leading to the introduc- 
tion of new firearms laws. 

■DRUGS information is being 
offered to soldiers with prob- 
lems at the army garrison at 
Tid worth, Wiltshire. The Drug- 
■watch service is the first to be 
.established for Britain's armed 
forces. 

■VIOLINS worth more than 
£5m are being assembled at 
-London’s Barbican Centre for a 
concert to mark the 250th anni- 
versary of the death of Antonio 
.Stradivari. At least 15 violins, 
(each one a Stradivari us, will 
-take part in the performance on 
{December 2 to be conducted by 
-Sir Ye hudi Menuhin. 

■ ■DOCTORS’ plans to cany out 
secret AIDS tests on suspect pa- 
rents have been blocked by se- 
nior British Medical Associa- 
tion policymakers. They said 
the move would be undesirable 
in the interests of the associa- 
tion and its members. 



If you run an investment business, 

make sure your compliance officer 

isn’t working in the dark 


. After January 1 next year, the vast 

majority of investment businesses 
could face serious difficulties. When 
the Financial Services Act comes 
into operation, many companies may 
find themselves operating in breach 
of the Act 

A lack of detailed procedures and 
inadequate computer systems will be 
the main cause (Big Bang s vs terns 
alone do not take the Act's impti- 
cations into account). Lack of experi- 
ence, skills and internal resources 
will compound the difficulties. 

It can lake several months to develop, 
amend and re-write the procedures 
and systems that are necessary to 

• m 

meet the Act's requirements. Time, 
therefore, is very short. Which is why 


Touche Ross, one of the world's 

largest firms of accountants and 
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the factors you need to consider. 
“Financial Services - Compliance with 
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Now is the time to see the fight Start 
by filling in tile coupon or call John 
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Offer for Subscription under the Business Expansion Scheme 
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The first W a l te r Module 2 Wing B us t er has now been ope rat io na l kn normal commeicJel 
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This advertisement is not an Invitation 1o invest Applications wM only be accepted on 
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The Euro-clear Operations Centre is 

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of Representative Offices in Tokyo, 
Sydney and New York. 


October 1, 1987 


Tokyo 

Robert Boyd 
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Sydney 
Sean McSharry 
(61-2)922-3649 


New York 
John Nordstrom 
(1-212) 483-8042 


The Euro-clear System is operated under contract by Moroan 
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■ I* 
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UK NEW; 



oped fields, he said, and he 
urged the industry to think of 

vays of bringing them to pro- 
duction. 

S Ur Morrison can expect a 
easaot package to land on his 
*k shortly from Sovereign Oil 
and Gas, one of the smallest oil 
independents, which will con- 
tain an application for the de- 
velopment of a tiny 

North Sea field. ■ 

If Mr Morrison seeks a' break 
from thinking big he conld not 
find a better example than Em- 
erald. Not only is it perhaps the 
smallest field developed so 
but it departs r adically finom ex- 
isting North Sea projects by 
transferring all- the risk from 
the oil companies to the off- 
shore contractor and the oil 
buyer. - 

Emerald, with its 30m barrels 
of heavy, sticky oil, is a margin- 
al field at best A failing oil 
price or poor flow rates from 
the field could easily transform 
the project into a heavy loss- 
maker. Both risks have been re- 
shuffled, so that the contractor 
will take on the danger that the 
reservoir; might prove disap- 
pointing, while the oil buyer 
will adopt the risk of a falling 
oil price. 

Midland and Scottish, a pri- 
vately-owned offshore supplies 
group, has undertaken to devel- 
op and finance the field and pay 
for its operation. 11s return will, 
come from the oil itself when 
the field starts to prod nee in, 


.two years. IT the field behaves; 
badly, Midland stands to make a 
loss, whereas if the field be- 
haves well its return will rise 
accordingly. 

-Meanwhile, the oil price risk 
has been adoped by Neste Qy, 
the Finnish oil company. Neste 
has agreed to pay a minimum 
price for the ofi, thought to be 
equivalent to a Brent crude 
price of $17.90, about SO cents 
lower than present prices. If the 
price rises above this level 
Neste Oy will get half of the 
benefit, with the rest shared be- 
tween the oil companies and 
the contractors. 

Thus the oil companies are 
left with a field in which they, 
will own none of the equipment, 
pay none of the costs ana have 
secured a minimum price for 
the oiL While they will not lose 
money on the project, neither 
are they likely to make much, 
unless there is. a marked rise in 
the oil price. However, if this 
occurs their return will be less 
than half of what they might 
have' expected with a more con- 
ventional development 

The imaginative plan has not 
been achieved easily. Mr David . 


vM'. ■ 


David Biggins: convincing the 
doubters 

Rigging, SnvwraigH managing di- 
rector, has devoted the past 
year Uf convincing the doubters 
that such a scheme was possi- 
ble Not only does it break every 
rule of North Sea development, 
it also involves delicate negoti- 
ations with the Department of 
Energy over such principles as 
selling forward the entire out- 
put of the field. 


ries of Emerald clones in the fti-' 
tore, though others are more* 
doubtful. The Sovereign deal 
was bom out of necessity: last' 
year the company seemed one t 
of the weakest oil indepen-! 
dents, and could not hope to 
raise finance for the field. The 
deal is a breakthrough for Sov- 
ereign as it enables it go ahead 
with a project which otherwise 
would not have been possible, 
and gives it a safe, if small, re- 
turn. 

However, for a large oil com- 
pany, well able to raise devel- 
opment finance and positively 


Peter Morrison: message for the 
* Industry 

keen to take risks, so long as a 
commensurate return is in the 
offing, the deal is not so attrac- 
tive; Indeed, Chevron, which 
had a large stake in Emerald, 
was so strongly opposed to the 
development that it sold its 
stake. The interest was bought 
tv Midland and Scottish, fur- 
ther blurring of the line be- 
tween the traditional roles of 
oil company and contractor ini 
the project j 

The deal may also have been 
a product of the plunge in the 
oil price. It was negotiated at a* 
time when offehore supplies 
companies were feced with a 
terrifying absence of orders, j 
giving unusual power to the oil \ 


Even if Emerald does prove a 
one off it will nevertheless be 
an important example to other 
small oil companies of what can 
be done in the North Sea with a 
bit of dazing and a good deal of 
determination. 


more gas under existing con- 
tracts and by taking more gas' 
from British Gas's Morecambe 
Geld. 

However, by the mid 1990s the 
gap will have widened so that 
current supplies will meet only 
half of UK demand. The report 
argues that most of this gap will 
be met from new fields in the 
southern gas basin and the een- 
tral North Sea. 

In the long term, imports from 
Norway will be inevitable, the 
report says, but in the short 
term British Gas may have room , 
to raise the price it pays to UK* 
suppliers to meet their higher 
costs of development 


Judge is appointed 
. as prisons inspector 

JUDGE Stephen Tumim has 
been appointed to succeed Sir 
James Hennessy as Chief In- 
spector of Prisons, 

Judge Tumim, 57, will take up 
the appointment on November 
L A circuit judge since 1978, he 
has been a judge of Willesden 
County Court for the past seven 
years. Since 1983 he has been 
: chairman of the Friends of the 
,Tate Gallery. 


. | INDEPENDENT 

I K A I broadcasting 

..... I AUTHORITY 

Appointment of Contractor 
for a Radio Teletext service 

in London 

' Under the terms of the Broadcasting Act 1981 and the Cable and 
Broadcasting Act 1984 the IBA is re-advertising one of the two 
franchises in London for Radio Teletext (also known as Subsidiary 
Communications Authorisation (SGA)). The signal will be 
transmitted on the VHF/FM signal provided for Capital Radio. 

The IBA previously advertised two franchises for Radio Teletext in 
London. Independent Radio Features Ltd (owned jointly by Telerate 
(UK) and London Broadcasting Company) began operations in April 
this year, on the VHF/FM frequency used by LBG As the other 
company selected was unable to progress adequately with 
implementation of its plans, the IBA has decided to seek another 
contractor for the service, to be carried inaudibly on the Capital Radio 
frequency. 

The IBA has no preconceived ideas concerning the content of the 
services, provided, in accordance with current legislation, it is capable 
of visual read-out. It is left to applicants to make recommendations 
for a reliable, useful and efficient service to members of the general 
public who may be prepared to pay a subscription for the facility. The 
service provided by Independent Radio Features, Telerate PDQ\ 
indudes .up-to-date finandal quotations and news. 

A specification document containing particulars and details 
required from applicants may be obtained on written request from the 
Secretary to the Independent Broadcasting Authority, 70 Brampton 
Road, London SW3 1EY. 

Completed applications should reach the Secretary to the 
Authority not later than noon on Thursday, 5th November 1987. The 
Authority aims to award and announce the offer of contract soon 
after. 


Technology consultancy 
to recruit 70 for launch 


BY MCHAEL SKAMNKER 

THE AUSTRALIAN company) 
which has persuaded 30 senior, 
managers to leave consultants 
PA Technology to set up a new 
consultancy says it intends to 
recruit about 70 British profes- 
sional staff for the venture. 

Mr James Fox of the Perth- 
based Wilson Group said the 
consultancy would be a spring- 
board for the group's invest- 
ments in high technology com-, 
panies in Britain, the US and 
continental Europe. 

Mr Fox is a director of Inve- 
tech. formerly PA Technology 
South East Asia, in which toe 
Wilson Group has a 20 per cent 
stake. He arrived in London 
yesterday to coordinate the set- 
ting up of the consulting compa- 


ny which will be based in the 
Cambridge area. 

Ur Fox said the UK managers 
who joined the consultancy 
would hold more than 50 per 
cent of the shares In the new 
venture. 

He expected the group to be- 
gin investing in British high 


The widest business seats 
give you the maximum head space 


r WV- 


gm investing in British high! 
technology companies by the 
middle of next year. The compa-i 
ny also intended to invest in the ; 
US, West Germany and Scandi-j 
navia, he said. 

Simon OLswang. the London I 
solicitors acting for Wilson, said! 
yesterday that 29 PA Technolo-{ 
gy managers had confirmed in 
writing that they would join the 
new company. 


*T 0 v 


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t. 





SPONSORED. SECURITIES 

CfoaVMd 

r Lh Com* PHei Chugs tflv.Co) % P/E 


High Low Conway 

206 133 Ass- Brit. Ind. Ordinary _ 

206 MS Ass. Brtt. Ind. CULS ■■ 

41 34 ArmHago* Matas — 

142 67 BOB Dedgn Group (USM> 


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73 

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36 

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3S4 95 Brgy Technolo gi es 


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173 136 Carborundum Ordinary ... 367 

102 41 CartoonnKfcJRi 7i% Pref. — 102 

172 87 G eorge Blair - — *72)d 

143 139 Isis Group — 120 

96 59 Jackson Group — ■ — 9b 

U30 321 James Bturough 1130 

133 86 Janes Bwrwgh 9% Pref . — . UM 

780 500 MuHJlJOBSe NV (AmstSE) —— 505 
700 351 Record RJdsreey Onfinory TQQsa 
87 as Record RWBW07 10% Prri. — 67ms 
91 6$ Rotert Jenkins— — — — 65 

T 7 t 42 ScrvttortS -.-■■■■ - - — — — IMss 

223 141 Torday & Corflsh? 223 

42 32 Trmion Holdings 42nae 

131 73 Unite* HokflomtSE) 92rt 

264 115 Waiter Alexander (SQ ■■ ■ ■ ■ 2Mri 

200 190 W- S. Verdes — M0 

175 96 West York*- Ind. Hasp. (US Ml 151 

Securities designated (SO and (USM) ar e dealt In 
Of The Stock Exchange. Other seenrMe* 

to the rides of FI M BRA. 


4.9 — 

n.7 5dD 
2 j0 16.7 
1A 3U 
2j6 14,7 

42 7J. 
108 — 
3L2 IAS 

ms — 


35-7 

3.4 

107 

3.7 


— 3.4 35 306 


listed 


12.9 9.7 — 

— — 200 
14 — MJ. 

141 102 — 

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64 OO 208 
08 LB 3.9 
20 3lQ 26.9 
5.9 02 19* 
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5S 3 Jb 1&J0 

X to tfas rates and 
abewendoit In 


Omnvfllc Davies Coleman Limbed 
27 Lovai Lane. London EC3R SDT 
Telephone 01-621 1212 
Mosher of the frock Exchange 



The comfort rating of an airliner isn't merely a function of how 
kind the seats are to your body. ‘ 

Equally important to your comfort, is how uncrowded your 
mind feels. 

It's hard to devote proper attention to a business report when 

you're jostling with the person beside you for “ 

control of the armrest. This is why, on TWA .—.*-■ 

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you both. 

TWA was born in the wide, uncrowded 
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The TWA Business Lounger on our 747's is 
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W V JWA 7 -" 11 ' " ■' ' ■' 


■ 

Sometimes required reading can be desired reading. 



Available every Friday 





















i! 


Financial 


UK NEWS 


■ ■ m 

Dixons to sell low-cost 
satellite TV receivers 


BY RAYMOND SHODDY 

DIXONS, the UK retail group, 
pla ns t o sell satellite television 
receiving equipment to the do- 
mestie market at less than half 
tiw-Pric* of existing receivers. 

The company wants to have 
500,000 receivers available to 
sell in its 1,000 Dixons and Cur-' 
rys stores during the first year 
of serviceof Astra, the 16-chan- 
nel television satellite sched- 
uled for launch nest Septem- 
ber. 

Dixons is aiming at a target 
price of £300. It is talking to po- 
tential suppliers in the UK and 
the Far East although agree- 
ments cannot be signed until 1 
specifications have been final- 
ised. 

Dixons said yesterday: 'We 
are enUiusiastic about satellite 
television and we are planning 
to go into the market but we 
cannot comment on the 
at the moment' 


The Dixons plan could revolu- 
tionise the market It believes 
that dish aerials will be large 
enough to receive good-quality 
pictures from Astra, a medium- 
power satellite project based in 
Luxembourg and tended largely 
by Belgian, German and LuxemK 
bourg financial institutions. . , 
Astra, which is expected to. 
have eight or nine of its chan- 
nels in English, is scheduled for 
launch a year ahead of British 
Satellite Broadcasting; the UK 
direct-broadcasting-by<3atellite 
project costing £625m and offer- 
ing three national channels. 

Dixons is also an enthusiastic 
member of the five-company 
consortium planning two chan- 
nels for transmission on Astra. 
Hie others are Mr Michael 
Green’s Carlton Comm uni ca- 
tions, Saatcbi & Saatchi, the ad-' 
vertising and consultancy 
group, Thames Television, and 


London Weekend Television. 

The retailer wants to ensure 
that enough high-quality chan- 
nels are available on Astra tc 
persuade consumers to buy the '{ 
receivers. Other possible Astro 
channels include Premiere, the 
film channel, Mr Rupert Mur- 
doch's Sky, and Screen Sport. 

Draft shareholder agree-; 
meats are being circulated by* 
the new programming consor-^ 
tium. Members are confident, 
that the Independent Broad-, 

casting Authority will allow 

Thames and LWT to take part. 

At the recent seminar on' 


Health 
authorities 
‘need £lbn 
funds rise’ 


Mrs Thatcher asked Mr John; 
Whitney, the IBA director-gen-, 
end, if there was anything in 
broadcasting legislation to pro-, 
vent ITV companies taking part 
in such a project Mr Whitney 
said there was not 


Commerce complex for Belfast 


THE NORTHERN Ireland, econ- 
omy was given a significant lift 
yesterday with the announce- 
ment that a new property com- 
pany is to build a multi-million 
pound shopping, office and in- 
dustrial complex in the centre 
of Belfast 

The development, on the site 
of the former Gallaher tobacco 
factory in the north of the city, 
is being undertaken by Ewart- 
co, an equal partnership be- 
tween the Manchester-based 
Co-operative Wholesale. Society 
(CWS) and Ewart New Northern 
(ENN), a local property compa- 
ny. 

CWS's Belfast Co-op retailing 
operations will move to the 
complex when it is completed 
within the next three years. 

Ewarteo also intends to pur- 
sue other retailing develop- 
ments throughout the province 


and has identified possible 
sites. 

Mr John McCleuahan, execu- 
tive director of Ewarteo, said:; 
”We appreciate that the north- 
ern commercial sector of Bel- 
fast needs a facelift. One of the 
partners, ENN, has already pio- 
neered projects in the city and 
we intend to build on their im- 
pressive track record.” 

Plans for the Gallaher scheme 
are at an early design stage but 
tiie site will be redeve loped to 
provide a 40,000 sq ft CWS su- 
perstore food hall as well as a 
modern home furnishings de- 


there will be park in g for 1,000' 


The development will also in- 
clude about 40 smaller shops 
linked by a central YYig|i i an^ 
several small industrial work- 
shops. 

About 300 people will be em- 
ployed in the complex and 


Mr James O’Neill, secretary of 
the Belfast Co-op, said: *1 am; 
very pleased that we have) 
joined with Ewarteo in the de- 
velopment of sites in Belfast' 
and the north of Ireland. 

”As far as I am concerned they 
are a very progressive organisa- 
tion and this augurs weU for the 
future.' 

CWS took over Belfast Co-op 
in 1983 and since then has put 
more fhgn £4m into the Co-op 
retail, milk, foneral and travel 
business sectors in Belfast. 

Mr John Mcllroy, Ewartco’s 
c hairman, said: Tniis venture, 
and the others we have in the. 
pipeline, represents a tremen-j 
dons vote of confidence in thei 
future economy of Northern Ire-- 
land and In north Belfast In par- 1 
ticuiar.' 


Warning to City over lack of heliports 


BY 


A SHORTAGE of city-centre 
landing sites is restricting thej 
expansion of commercial heli- 
copter operations throughout 
the UK, according to Mr Robin 
Keith, managing director of Eu-, 
rope an Helicopteis. 

Mr Keith said that although - licopter 


there were more than 300 heli- 
copters involved in commercial 
operations in the UK, "the natu- 
ral growth in the market contin- 
ues to be constrained by plan- 
ning difficulties. 1 


Speaking at the National He- 
>pter Exhibition at Redhill 


Aerodrome,' Surrey, Mr Keith 
said Loudon was the worst ex- 
ample. ”Here we havefhe finan- 
cial capital of the world with- 
only one commercial heliport! 
which itself has severe capacity 
restraints and is situated some- 
4km to the west of the CHy. 


ENGLAND'S district health au- 
thorities will need an increase 
of almost £lbn in funding for 
the next financial year if they 
are to expand services to meet 
the objectives set for them by 
the Government, according to a 
survey published today by the 
National Association of Health 
Authorities. 

The study, based on returns 
from 106 of the 191 authorities 
in England, found that "severe 
difficulties' were causing many 
of them to defer or cancel 
planned developments, freeze 
recruitment and delay pay- 
ments to creditors. 

A key reason for the problems 
was a £160m shortfall in the al- 
lowances provided by the Gov- 
ernment to meet pay and price 
inflation in the past year. Fi- 
nances ware also under strain 
from rising demand on health- 
care services, the additional 
cost of high-technology treat- 
ments and pressure to increase 
the number of patients treated. 

Numerous authorities 
succeeded in dealing with more 
patients at a lower cost per 
head, but the increased demand 
could not be accommodated 
without some rise in overall 
costs, especially given the need 
to Improve services to special 
groups such as AIDS sufferers. 

Mr Philip Hunt, director of 
the health authorities’ associa-j 
don, said that if the Govern-! 
meat continued to under-com- 
pensate the hospital and 
community health services for 
inflation, health authorities 
would be nimble to avoid cuts in 
their provision to the public. i 
The survey indicated that to 
meet the objectives laid down 
by the Government, the authori- 
ties would to have their 1987-88 
tending of £lL3bn Increased by J 
135m - or 8.3 per cent - to 
£12J2bn in 1988B9. 


Hotel consortium to 
launch credit card 

CONSORT HOTELS, the hotel! 
consortium, plans to launch a| 
credit card next year in associa- 
tion with the Co-operative 


Cardholders will be given a 10 
per cent discount on their hotel 
accommodation when they use 
the card to settle accounts at 
any of Consort’s 200 hotels. 


Airlines protest against penalties 


MORE THAN' 90 airlines serv-' 
ing airports in the UK are pro- 
testing to the Home Office over 
what they believe to be exces- 
sive fines and other financial 
penalties imposed upon them 
over tiie carnage of Ill e ga l im- 
migrants. 

In a separate case, the air- 
lines are also protesting to the 
Civil Aviation Authority about 
alleged excessive charges im- 
posed by the recently privatised 
BAA. formerly the British Air- 
ports Authority, for facilities 
provided at its airports, primar- 
. iiy Heathrow and Gatwick. 

The airlines are members of 
the Board of Airline Represen- 
tatives in the UK (Baruk), It was 
set up in 1973 to fight on behalf 
of all British and foreign air- 
lines serving the UK, against 
what they believe to be unfair 
treatment or discrimination 
against them by the Govern- 
ment, the BAA or other civil avi- 
ation bodies. 


In their protest to the Home 
Office, Baruk airlines claim 
they are being unfairly charged 
excessive "detention expenses” - 
the cost of providing food, ac- 
commodation and other facili- 
ties - for immig rants alleged to 
he arriving in the UK illegally. 

Under the 1971 Immigration 
Act, airlines are liable for costs 
for as long as unwanted immi- 
grants are held before being 
sent back to their countries of 
origin. Those expenses have, 
amounted to several hundred' 
thousand pounds this year. 

The airlines accept that they 
should be held responsible for 
payment of expenses for up to 
72 hours after an alleged illegal 
immigrant is held, but believe 
that is enough time for the au- 
thorities to decide on each im- 
migrant's case. 

To put pressure on the Gov- 
ernment, the airlines are only 
paying the charges for 72 hours 
and the rest of the money de- 


manded by the Government is 
being put into an escrow ac- 
count until Baruk has settled 
the matter with the Home Of- 
fice. 

1 The airlines are also arguing 
against what they regard as the 
arbitrary imposition of the 
£1,000 fine levied upon them for 
every alleged illegal immigrant 
they bring into the UK, under 
the Immigration (Carrier’s Lia- 
bility) Act introduced last 
March. 

In many cases, airlines accept 
they are liable for the fines. 
More than 200 have been paid 
this year. 

However, Baruk claims that, 
immigration authorities are im- 
plementing the act harshly and 
possibly unlawfully, and says 
airlines are not being given con- 
sistent and adequate notifica- 
tion by the authorities of al- 
leged breaches of the law. 

In the separate case of al- 
leged excessive airport charges 


by BAA, Baruk argues that 
'commercial” charges, or the 
cost of using air jetties, check-in 
desks, staff car parks and other 
facilities provided by BAA, es- 
pecially at Heathrow and Ga- 
twick, are excessive and that in- 
creases for 1987-88 are well 
above inflation rates. 

Those charges are not con- 
trolled by a specific pricing for- 
mula laid down by the Govern- 
ment, 

Baruk believes BAA may be 
exploiting its privileged posi- 
tion as a monopoly supplier of 
such facilities "and accordingly 
a meeting with the Civil Avia- 
tion Authority is being sought to 
review the whole area of com- 
mercial charges." 

The CAA has the power to or- 
der BAA to correct such 
charges, if it finds that the air- 
lines’ case is just If BAA de- 
clines, the matter can be re- 
ferred to the Monopolies and 
Mergers Commission. 


University research 
for Alvey ‘doubled’ 


UNIVERSITIES have made 
twice as big a contribution to 
the £350m Alvey research pro- 
gramme in information technol- 
ogy as was envisaged when the 
programme began. 

This was disclosed by Profes- 
sor Eric Ash, rector of Imperial 
College, London, in his presi- 
dential address to the Institu- 
tion of Electrical Engineers in 
Loudon last night 

Professor Ash urged British 
industry to spend more gener- 
ously on university research. 
He believed companies should 
spend between 2 per cent and 
10 per cent of their research 
budgets in academia, whereas 
they were spending 1 per cent to 
2 per cent or less. 

He said the Alvey Directorate 
- a joint programme between in- 
dustry, government and univer- 
sities to lay the basis for a new 
generation of computers -_bad 


allocated 14 per cent of its bud- 
get to university research. 

In fact, universities had 
-proved "much more usefal than 
■had been anticipated at the out- 
seL” They had received 27 per 
cent of Alvey cash. 

Professor Ash acknowledged 
tEaf Alvey was a special case 
since it was confined to pre- 
compelitive research, and it 
concerned an area where the 
universities had carried out 
most of the pioneering work and 
were therefore in a strong posi- 
tion. 

*It does not follow that in oth- 
er research areas it would still 
be advantageous to spend as 
much as a quarter of the total 
resources in academia.” 

However, industrial compa- 
nies rarely budgeted for more 
than 1 per cent to 2 per cent of 
their research to be spent in 
universities,, he said. 


Channel Islands airline takeover 


AUR1GNY Air Services, based 
in the Channel Islands, has tak- 
en over Guernsey Airlines,, 
owned by British Air Femes. 

Aurigny is owned by the 
Exxtor group of companies and 
has nine Trislauder and two Is- 
lander aircraft for use ou ser- 
vices between the Channel Is- 
lands of Jersey, Guernsey and 


Alderney and services to Sou- 
thampton, Dinard, Cherbourg 
and Bo urn mouth. Guernsey Air- 
lines has services from Gatwick 
Airport, Loudon and from Man- 
chester to the Channel Islands. 
Aurigny Air Services carries 

280.000 passengers a year and 
expects the takeover to add 

140.000 passengers annually. 


Ridley tells councils 
to control staff rise 


BY RICHARD EVANS 

■MR NICHOLAS RIDLEY, Envi- 
ronment Secretary, warned lo- 
cal authorities in England yes- 
terday that they must "get a grip” 
on their manpower numbers 
following publication of figures 
showing an increase for the 
eighth successive quarter. 

The latest returns from the 
Joint Manpower Watch showed 
.that the total numbers em- 
ployed increased by 6,221 
full-time staff and 36,677 
part-time staff, a total full-time 
■staff equivalent of 21,592 or 1.1 
per cent between June 1986 and 
June this year. 

Mr Ridley "noted with sad- 
ness" this latest evidence of the 
increase in local authority man- 
power in England. "Local au- 
thorities have this year bud- 
geted to increase expenditure 
above the rate of inflation. 


Nearly three-quarters of that 
expenditure is payroll. 

"That level of spending is sim- 
ply too high. By failing to con- 
trol manpower, councils are ig- 
noring a vital means of bringing 
down costs and they cannot ex- 
pect central government to pick 
up the bill - because we will not 
do 50." 

He said that controlling staff 
numbers was an essential part 
of effective management in lo- 
cal government. "Councils must 
quickly get a grip on the size of 
their payrolL 

According to the report, the 
total number of people em- 
ployed by local authorities in 
June was 1,551.095 full-time and 
940,512 part-time employees. 

The increase between March 
and June this year was 5£13' 
fall-time jobs. 


Scots Tory appointment 


BY JOHN HUNT 

■REORGANISATION orthe Scot- 
tish Conservative Party contin- 
ued yesterday with the appoint- 
'ment of a campaign director to 
improve organisation in local 
ana general elections and high- 
light government policies in 
Scotland? 

The job has gone to Mr Peter 


u 

Smith, currently deputy Conser- 
vative Central Office agent in 
Yorkshire and formerly deputy' 
director of the party in Scotland 
from 1962 to 1985l 
The shake-up follows the poor 
Conservative showing in Scot- 
land in the general election, 
when the party lost II seats 


This announcement appears as a matter of record only. 


Touche Ross Management Consultants and 
specialist hotel, catering and tourism 
consultants Greene Belfield- Smith are 
pleased to announce that they have agreed 
to merge their firms with effect from 

1st October 1987. 

4 

Hie new consultancy will now have a total 
professional staff of over 300 and a 
combined fee income in excess of 

£20 million. 


1 


& Touche Ross 

Management Consultants 

Hill House, 

1 Little New Street, 
London EC4A 3TR. 

Telephone; 01-353 8011. 


IGREENE BEIFIEID- SMITHI 

I THE S P E C IALIST consultants I 

Victoria House, 


London WC1B 4DB. 
Telephone: 01-242 3959. 


The media matters to you. 

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Rqpttextd No: 980096 


NORTHERN 

IRELAND 


The Financial limes proposes to publish a Survey 

on the above on 

Thursday, December 3, 1987 

For a full editorial synopsis and details of available 
advertisement positions , please contact: 

BRIAN HERON 
on 061-834 9381 

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ill 


SOUND DIFFUSION PLC 

PRELIMINARY STATEMENT OF RESULTS 
FOR THE YEAR ENDED 3 1ST DECEMBER 1986 


Turnover 

Profit before taxation and Extraordinary items 
Taxation 

Minority interests 

Profit attributable to Shareholders before 
Extraordinary items 
Extraordinary items 
Profit attributable to Shareholders 
Rate of dividend 
Amount absorbed by dividend 
Earnings per share 


Year to 
31.12.1986 
£000 
40,561 - 
5,668 
(324) 
( 2 ) 

5,342 

5,342 

12 . 02 % 

(836) 

3.84p 


Year to 
31.12.1985 
£000 
36,225 
5,828 
(285) 
( 2 ) 

5,541 

5,541 

10 . 02 % 

(697) 

3.99p 


Nous: 1) The figures for 1 986 are based on accounts which the auditors have given an 

unqualified report and which will be delivered to the Registrar of 
Companies in due course. 

2) Shareholders' funds increased to a total of £22,339,000 at 31st December 
I9S6 (1985: £17,833,000). 

3) A net dividend of 0.601 p per share is proposed, being a 20% increase over 
the net dividend of 0.5008p per share for the previous year, and will be 
despatched on the 25th November 1987 to the Shareholders appearing on 
the Register at the dose of business on 22nd October 1987 if approved at 
the forthcoming Annual General Meeting. 

4) The Annual General Meeting will be held at the Brighton Centre on 
Thursday 29th October 1987 at 2.15 pm. 

5) The above accounts are abridged within the meaning of the Companies Act 
1985. 

SOUND DIFFUSION PLC 

Registered Office: 

Datum House, Davigdor Road, Hove, Sussex BN3 1RZ 

Telephone: Brighton (0273) 775499 (13 lines) 




TAKE PAN AM FIRST OR CUPPEKTCLASS TO LOS ANGELES AND GET STAR TREATMENT ALL THE WAX 











12 


Financial Times Friday October 2 1987 


UK NEWS 



Lucas to set up joint parts 
operation with Fiat arm 


BY ARTHUR SWTH, MIDLANDS CORRESPONDENT 


LUCAS INDUSTRIES, the Bir- 
mingham-based motor and 
aerospace components suppli- 
er, has reached agreement with 
Magneti Marelli, a subsidiary of 
Fiat of Italy, to set up a joint 
company that will claim 25 per 
cent of the European market for 
starters and alternators. 

The new company, with a 
turnover of about £150m a year, 
is projected to be second in size 
only to Bosch of West Germany. 

Lucas will faoid only a minori- 
ty shareholding in a company 
that will look to the economies 
of scale of a total European 
market not available to a purely 
UK operation hit by a contract- 
ing assembly base. 

Lucas held detailed talks in 
London yesterday with Magneti 
Marelli and an announcement 
on the deal is imminent. The 
sale of the starters and alterna- 
tors operation is likely to mir- 
ror that of the sale of Lucas's 
lighting operation to Corrello of 
Italy, announced in June this 
year, when the UK company 
kept only a 40 per cent equity 
stake in an operation that 
passed into the bands of an Ital- 
ian company. 


The Lucas starters and alter- 
nators factory in Birmingham is 
three years into a five-year 
£15m government-backed in- 
vestment programme involving 
dramatic changes in manufac- 
turing, work practices and prod- 
ucts. In spite of the co-operation 
of the workforce and the shed- 
ding of several hundred jobs, 
the operation is not viable with- 
out access to wider European 
znartets. 

Magneti Marelli, the motor 

components holding subsidiary 
of Flat, can olTer an operation 
which gives Lucas access to new 
markets. 

The sale of the starters and 
alternators operation marks an- 
other stage in the rundown of 
the Lucas Electrical operation 
which in 1979 had 13 factories 
and 17,000 workers in the West 
Midlands. This latest stage will 
.leave Lucas Electrical with a 
rump of around 2300 workers in 
just three markets. 

Lucas Batteries, with 500 
workers in Birmingham, is held 
within the group but looking for 
international collaboration to 
guarantee a long-term future. 

The switchgear operation in 


Burnley with 600 workers is 1 
seeking a European partner for 

growth. 

Lucas sees the main opportu- 
nity for growth within its former 
wide-ranging electrical 

operations, lying with the en- 
gine management system based 
in Birmingham, with 1,000 work- 
ers. Here Lucas is looking for a 
European company to form a 
genuine partnership to seek 
new markets to take advantage 
of its technological achieve- 
ments. 

Lucas has stressed that its au- 
tomotive operations which ac-, 
count for more than £lbn of its 
£L6bn a year turnover, are also 
important to ftature develop- 
ment 

Mr Bob Dale, appointed chief 
executive of automotive 
operations, has been conduct- 
ing an in-depth inquiry into 
prospects for the five divisions 
within the automotive sector 
which embrace the Girling 
brake operation, the CAV die-i 
sel injection company and thei 
electrical and worldwide ser-. 
vice operations. 


Car parts sector’s size revealed 


BY JOHN GRIFFITHS 

A JOINT INITIATIVE by the 
University of Cardiff's econom- 
ics department and the Welsh 
Office has led Wales-based mo- 
tor component suppliers to 
realise that, collectively, they 
employ more people than the 
Welsh coal or steel industries. 

The Welsh Office hopes the 
realisation will prompt the sec- 
tor to investigate the possibility 
of regional co-operation - possi- 
bly to the extent of collaborat- 
ing to produce vehicle sub-as- 
semblies. 

At present, most of the compa- 
nies produce a wide variety of 
individual components. 

The smaller among dozens of 
individual companies were in- 
vited by the Welsh Office to an 
exploratory seminar to discuss 


the sector's potential and told 
that their total 20,000 employ- 
ees now represented 10 per cent 
'of the Welsh manufacturing 
workforce. 

This eclipses the 15,(KK) em- 
ployed in the second-placed 
coal industry. 

The companies include 
Ford’s Bridgend plant in South 
Wales, LLanelli Radiator. AB 
Electronics near Cardiff, which 
supplies instruments for Jaguar 
and Lucas Girling and Alfred 
Teves, both braking systems 
producers. 

The university's Professor 
Garel Rhys, who is the Society 
of Motor Manufacturers and 
Traders* professor of motor in- 
dustry economics, said some 
companies were taken aback at 


the size of the sector and its 
wide distribution in the princi- 
pality. 

The purpose of the seminar, 
said Professor Rhys was two- 
fold: 

"We wanted to give them in- 
formation about the industry 
and to help bnild links between 
the firms themselves:* 

He said it was hoped that the 
industry would meet regularly, 
to review co-operation pros- 3 
peels. While no actual moves 9 
have so far been made, the cre- 
ation of a formal regional 
grouping is not being ruled out. 

Apart from manufacturing 
collaboration, said Professor; 
Rhys, it was hoped to identify 
cost-saving opportuni t ies. 


Rover likely to shed 150 technicians 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 

MORE THAN 150 redundancies 
among the state-owned Rover 
Group's technical staff are like- ' 
ly to result from a review of 
operations at Gaydon Technolo- 
gy, the subsidiary based near! 

Warwick. 

Gaydon. which has a turnover 
of about £20m a year and is prof- 
itable. is almost certain to lose 
its independence as a result of- 
the review which is to be com- 
pleted by the end of the year. 

The most likely outcome is 
that Gaydon will be absorbed by 
Austin Rover, the group’s vol-. 


ume cars business, the engi- 
neering staff of which will be af- 
fected by the redundancy 
programme. 

Rover said that a small num- 
ber of hourly-paid employees 
would be made redundant as a 
result of changes which would 
achieve more effective use of 
resources. 

The group made it clear that 
there was no question of closing 
Gaydon, where £30m has been 
invested since 1979 and a £3m 
vehicle emissions control cen- 


tre is beine installed. 

However. Rover claimed that 
nearly all the Gaydon time and 
test facilities in future would be 
used by Austin Rover or Land 
Rover, the group’s light four- 
wheel-drive vehicle subsidiary. 

Gaydon’s scope for winning 
work from outside the group: 
would be severely limited and it; 
would probably be sensible to 
bring Gaydon and Austin Rover 
administratively closer togeth- 
er. 


Talks on 
public 
spending 
continue 

By Janet Bush 

TALKS between ministers on 
public spending levels are still 
in progress and when they are 
completed the so-called Star 
Chamber which resolves any 
outstanding problems will 
meet, according to Treasury of- 
ficials. 

The Cabinet met yesterday 
morning and, according to 
Whitehall spokesmen, public 
spending was not os the agenda 
and did not come up as a sub- 
ject for discussion. 

The officials described as 
“over-optimistic" a newspaper 
report yesterday which sug- 
gested that the Treasury and 
other departments were close 
to agreement on next year’s 
public spending. 

Treasury officials said yester- 
day that they were unaware of 
any official assumptions about 
either growth or inflation next 
year which would support sug- 
gestions that there is scope for 
expenditure to rise to almost 
£158bn while failing as a pro- 
portion of gross domestic prod- 
uct 

The official line is still that 
spending could be boosted by 
CLSbn above the £15t2bn pub- 
lic expenditure planning total 
and still maintain public spend- 
ing at the planned proportion of 
GDP. 

The officials were unable to 
confirm whether faster than ex- 
pected economic growth this 
year could permit a larger addi- 
tion. 

Building 
societies’ 
concern 

By Hugo Dtxon 


Eric Short on proposals to radically alter unit trust dealings 

Getting tough to protect investors 


INVESTORS dealing in unit 
trusts may in future not know at 
which price they are buying or 
selling units until after the 
deal. Unit trust managers may 
no longer be able to trade inter- 
nally in their own units. 

These are two of the radical 
changes in unit trust operations 
being proposed by the Securi- 
ties and Investments Board - the 
new investor protection watch- 
dog - under draft regulations 
published yesterday. 

Under the 2986 Financial Ser- 
vices Act, SIB is taking over 
from the Department of Trade 
and Industry the regulatory role 
for unit trust operations. 

Although unit trust groups 
will be authorised by the Invest, 
’merit Managers Regulatory Or- 
ganisation and the marketing of 
unit trusts will be controlled by 
the Life Assurance and Unit 
Trust Regulatory Organisation, 
SIB will not delegate the opera- 
tional control to these or any 
.other self-regulatory organisa- 
tion. 

The DTI and SIB Issued con- 
sultative papers last year set- 
ting ont proposals for the regu- 
latory system. The draft rules 
have been based on those docu- 
ments and the views and reac- 
tions expressed by the unit trust 
industry. 

The current document points 
ont that many aspects of the ex- 
isting regulatory regime have 
stood the test of time and the 
I draft rules leave the main 
framework largely unaltered, 
codifying best practice devel- 
oped by the DU and the indus- 
try. 

Nevertheless, SIB proposes to 
introduce certain radical 
changes on the premise that 
where there is scope for abuse 

! by managers it must be stopped, 
even if to date there is no evi- 
dence of widespread abase. 

The proposed rules start with 
the pricing of unit trusts and at 
what prices dealings take place. 
The overall objective Is to en- 
sure that the mechanism is de- 


ll lilt trusts 

Sates (£ biion} 

,arT n 



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HIGH EARNERS are deserting 
the building societies and turn- 
ing to other financial institu- 
tions, according to a survey pub- 
lished by the Harris Research 
Centre. Societies are concerned 
because lending to those on 
high incomes is the most profit- 
able type of mortgage business. ■ 

P 

Harris interviewed 60S peo- 
ple who were either earning 
more than £20,000 a year or in 
the AB socio-economic classes. 
Of these, 68 per cent had ob- 
tained mortgages from a buildr- 
ing society bat only 54 per cent 
of those earning more than- 
£30,000 had done so. , 

Twenty-three per cent had 
1 mortgages from banks, and 40 
per cent said they intended to 
go to a bank for their next mort- 
gage. Five per cent had taken 
mortgages through insurance 
companies and 15 per cent in-, 
tended to approach insurance? 
companies next time. 1 

Unattractive interest rates 
and long-winded procedures 
were given as the main reasons 
for dissatisfaction. 


• Nationwide Anglia, Britain’s 
third-largest building society, 
today began lending its gilts 
portfolio in a move which 
should increase liquidity in the 
gilts market 

The decision makes Nation- 
wide Anglia the first society to 
take advantage of regulations 
which came into force yester- 
day allowing societies to lend 
gilt-edged stock to approved 
Stock Exchange money brokers. , 

It should also improve the so-’ 
ciety*s profitability, as lenders 
of stock receive a fee equivalent 
to Vh of 1 per cent a year. 


1980 82 84 


signed and operates in a man- 
ner that is fair to buyers, sellers 
and continuing unitholders. 

SIB Intends to keep the pric- 
ing system of a maximum buy- 
ing and a minimum redemption 
price! It has not followed 
through the DTFs suggestion of 
a single unit price system, with 
a buying and selling charge. 

However, whereas the pres- 
ent system includes security 
values, operating costs and 
manager’s charges in the price 
calculation, in flitnre manager’s 
charges would be shownsepa- 
rately. 

In addition, a much tighter 
rounding off of prices to five sig- 
nificant figures, rather than the 
present 1 per cent or L25p, 
whichever is the lower, is pro- 
posed. 

In publishing the prices, the 
managers would have to indir 
cate br means of a letter the un- 
derlying basis for the price 
quoted - whether it was on the 
DTI offer basis (letter O), bid 
basis (letter B) or an intermedi- 
ate value (letter I). 

The proposed rules also deal 
with the price at which inves- 
tors buy and sell units. 

At present, the investor boys 
and sells units on the last pub- 


lished price These prices, 
shown in certain newspapers, 
would normally relate to asset 
values on the day previous to 
: public ation for UK based fends, 

• but there could be a longer time 
gap for overseas based fronds. 

. Thus the manager has the op- 

• portunity to trade in his units 
based on events that have hap- 
pened in the stock markets 
since the unit price was calcu- 
lated. 

SIB proposes to change to a 
"forward pricing" system, which 
is used for US mutual fends- 
Dealings would be based on the 
price calculated after an order 
to deal bad been received. 

This would prevent any man- 
ager or investor dealing on a 
knowledge of events not reflect- 
ed in the unit price. But it 
! means that the investor would 
r not know in advance th e pri ce 
at which he was dealing. SIB ac- 
cepts that this could be viewed 
ias disadvantage, but considers 
ithat this is outweighed by the 
! advantages. 

However, Mr Paul Bateman, 
marketing director of leading 
unit trust group Save and Pros- 
per, believes the move would 
enable intermediaries to sell 
; life bonds rather than unit 
trusts, since the bonds would 
■ operate on the old system of a 

a !*_■» _ 



Sir Kenneth Beni II, chairman 
of SIB, accepts that this differ- 
ence does not conform to the 
"level playing field* principle 
between investment media. Al- 
though pricing of unit-linked 
life products is still the respon- 
sibility of the DTI, he hopes that 
It ean be brought into line. 

The other principle change 
proposed for unit trust 
operations relates to managers 
creating or selling units inde- 
pendently of receipt of dealing 
orders • known as running a 
■box.* 

A manager should in theory 
ask the trustee to create the 
necessary units to meet a buy- 


ing order and cancel units for a 
selling order. With buying and 
selling orders coming in con- 
stantly, the manager will keep a 
box of units rather than become 
involved in-creating and cancel- 
ling units. 

However, this situation can 
be carried to extremes with 
managers creating backdated 
units and taking advantage of 
known market movements. 

So, while managers can still 
run a box of units already cre- 
ated, SIB plans to baa the back 
creation of units so that manag- 
ers should not be able to sell 
units that have not been cre- 
ated. In addition, dealing deci- 
sions of the managers would 
have to be taken promptly and 
notified promptly to ute trust- 
ees. 

SIB considers that managers 
should inform trustees within 
two hours from the time of set- 
ting the dealing prices and the 
number of units to be created or 
■cancelled. 

Managers could well fix sneb 
a time for UK fends at the close 
of dealings in the underlying se- 
curities towards the end of the 
day and handle all transactions 
received that day. 

This could mean that prices 
for publication wonld be ready 
qnite late and the early editions 
of newspapers could show two- 
day-old unit pric es. M anagers 
not on a real-time system could 
also find two hours insufficient. 

SIB is still not entirely satis- 
fied with the position of manag- 
ers as principles and as agents. 
However, its timetable is tight 
and parliamentary approval is 
needed for SIB to take over the 
regulation of unit trusts. So it 
intends to investigate further 
during 1988 with fall consulta- 
tion with the industry. 

Collective Investment Schemes, 
Securities and Investments 
Board, 3 Royal Exchange Build- 
ings, London EC3V 3NL. £5. Com- 
ments on the rules are required by 
N ov e m ber 2, 1988, and should be 
sent to the secretary of SIB. 


Securities law to be reviewed 


BY MCHARD WATERS 

COMPANY LAW restricts banks 
and securities houses from 
showing their frill profits on se- 
curities trading, accountants 
warned yesterday. The British 
Bankers Association and the 
Accounting Standards Commit- 
tee are investigating. 

Many financial institutions al- 
ready break the law technically, 
by showing their portfolios of 
securities at market value rath- 
er than at the price they paid -a 
practice known as ^narking to 
market* This enables them to 
recognise notional profits on se- 
curities even though they have 
not turned the profits into cash. 

This practice, which contra- 
venes company law that re- 
quires a company's stock to be 
carried at no more than cost, is 


followed by more than half of 
all securities houses, said Mr 
Roger-Munson, a partner, with 
accountant Codpers & Lybrand. 

He said others did not follow 
the practice because they 
thought it would be against the 
law. , 

*Tm not going to say that they 
are breaking the law - but there 
is a query,” said Mr Michael 
Renshall, chairman of the ASC." 
"If you mark to market, it could 
mean that you bring in an un- 
realised profit.* 

When assessing performance 
internally, it is usual for a port- 
folio to be shown at its current 
market price. *It is ridiculous 
not to give this information to 
shareholders as well Anything 
else is misleading information,* 


said one bank auditor. 

Accountants denied that al- 
lowing companies to show un- 
realised profits would artifi- 
cially enhance their ea rn i n gs 
figures - even though any com- 
pany adopting marking to mar- 
ket will benefit from a one-off 
profit increase in the year the 
change occurred. 

They also denied that it was 
dangerous for securities traders 
to report a profit on stock which 
may subsequently fall in value. 

The need for a review has 
been caused by "the upsurge in 
transactions in marketable se- 
curities," said Mr ffenshalL 


‘Abnormal deals 9 rule nearer 


English 
Estates to 

be reviewed 


.ENGLISH ESTATES, the gov- 
lenunent-owned industrial and 
! commercial property developer 
and manager, has called in ont- 
lalde consultants to carry out a 
(fell review by the end of the 


BY RICHARD WATERS 

A REQUIREMENT for compa- 
nies to disclose details of any 
■abnormal* dealings with relat- 
ed companies moved a step 
closer this week when the Ac- 
counting Standards Committee 
agreed in principle that ac- 
counts should contain this in- 
formation. 

This marks the latest in a pro- 
longed attempt by the commit- 
tee. which sets accounting stan- 
dards, to tackle abuses in this 
area. Companies which are 
members of the same group, or 
which have a common large 
shareholder, may indulge w 
deals which are not priced com- 


mercially to move profits from 
one company to another. 

Mr Michael Renshall, the 
committee chairman, said yes- 
terday: "It is a contentions is- 
sue. Not all related parly trans- 
actions are sinister or improper 
or carried out at anything other 
than arm’s length.* 

Deals between companies are 
likely to be considered abnor- 
mal if they are out of the ordi- 
nary or if they are at prices out 
of line with those in the market 
A draft accounting standard 
outlining how these rules will 
be applied in practice is expec- 
ted to be published early next 


year. 

Companies may be forced to 
disclose a shareholding rela- 
tionship with other companies, 
even if no single transaction be- 
tween them is large enough or 
abnormal enough to be dis- 
closed. 

This could be damaging to 
British companies which, for 
political reasons, conceal a re- 
lationship with an overseas 
trading partner, said Mr Ren- 
shall. Such concealment is not 
unethical bat reflects "the reali- 
ties of commerce," he said. 


Minister backs 
credit register 

By Hugo Dixon 


MR FRANCIS MAUDE, Minis- 
ter for Consumer and Corporate 
Affairs, has supported calls for 
a national credit register as a 
way of minimising over-indebt- 
edness by individuals 

However, Mr Maude told a 
conference organised by 
UAPT-Infolink, the credit-refer- 
ence agency, that the Govern- 
ment bad no intention of setting 
up and overseeing such a regis- 
ter. 

Mr Maude’s preferred solu- 
tion is for more financial insti- 
tutions to provide information 
to existing credit-reference 
agencies. Financial institutions 
could check these registers be- 
fore making a loan to see how 
much a customer had borrowed. 


C AA plans new survival 
training for aircraft crew 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


THE CIVIL Aviation Authority 
is introducing cabin training 
rales for aircraft crews which 
will give them greater practical 
experience in safety and surviv- 
al procedures. 

The CAA believes this will 
help to achieve maxim um pas- 
senger survival in an accident 

The new requirements in- 
clude increased training in the 
use of emergency and survival 
equipment, smoke detection 
equipment and waterborne 
survival aids and emergency 
evacuation. 

There will also be written 
tests for the annual emergency 
survival tests already nndertak- 


The CAA says the new train- 
ing rules follow wide-ranging 
discussions with the airlines. 

For light aircraft Involved in 
general aviation (outside the 
airline industry) it is proposed 
that all passengers should be 
given safety briefings by pilots. 
The present rules require such 
briefings only in public trans- 
port aircraft and the CAA be- 
lieves that many passengers are 
not familiar with the different 
conditions In smaller aircraft. ' 

Briefings for light aircraft 
passengers will include the po- 
sition of emergency exits and 
the use of safety harnesses, oxy- 
gen equipment and lifejackets. 


Lloyd's broker 
in takeover deal 


BY NICK BUNKER 

DEREK BRYANT, the small, 
troubled Lloyd's insurance bro- 
tker, has taken its first step to- 
. Wards cutting its dependence 
■on US dollar revenues by buy- 
ing B I Richards, a Middlesex- 
based general insurance, life 
and pensions broker. 

Bryant is paying £500,000 for 
the company, of which half is in 
cash and the rest in new Bryant 
shares. Richards made pre-tax 
profits of £27,150 in the year to 
March 3L 

The news comes only two 
weeks after Bryant disclosed 
that it was looking for merger 
partners following a £186,000 
net loss for the six months to 
I June SOL 


. The review, to be conducted 
■by Peat Marwick Me Lin toe k. the 
accountancy firm, is expected 
to lead to a shake-up at the com- 
pany which is the largest prop- 
erty developer and manager in 
-Britain and plays a central role 
; in the Government's plans for 
economic regeneration in 
Britain's industrial heartlands. 

The consultants will consider 
the company’s strategy and or- 
ganisation, the way it uses its 
resources and the quality of its 
financial controls. 


Link starts 
cashless 
shopping trial 

BY HUGO DIXON 

LINK, one of Britain's biggest 
: cash-dispenser sharing consor- 
■tiums, yesterday launched its 
I first electronic cashless shop- 
ping experiment 

; Under an agreement with BP, 
the oil company, any of Link’s 
3.2m cardholders will be able to 
use their cards to buy petrol 
and withdraw cash at 23 BP ser- 
vice stations near the tns mo- 
torway. The cards have been 
limited to obtaining money 
from the cash-dispensers ran by 
the 25 financial institutions that 
make up Link. 

Link's move is significant in 
that it will charge BP a fixed 
amount for each transaction, 
rather than a fee proportionate 
to the value of the purchase. 
Earlier this year, there was a 
row between Barclays and re- 
tailers over its plan to charge a 
proportionate fee. 

The decision by Link to set up 
its own experiments further un- 
dermines the nationwide cash- 
less shopping scheme being set 
up by Eltpos UK. a company run 
by Britain's leading banks. Link 
said yesterday it plana two far- 
ther experiments this year. 


David Thomas and Terry Dodsworth on the background to a telecommunications merger 

Plessey and GEC agree to cross lines 


THE FIRST act in one of the 
longest-running dramas - some 
would say farces - in British in- 
dustry closed yesterday when 
General Electric Company and 
Plessey agreed in principle to 
merge their telecommunica- 
tions interests in a 50-50 joint- 
ly-owned company. 

A £L2bn turnover company 
will be created, with broad in- 
terests in public and private ex- 
changes, transmission and data 
communications. 

The move appears to bring to, 
an end fraught relations be- 
tween the two companies which 


reached their lowest ebb last 
year when Plessey, with the 
help of the Monopolies and 
Mergers Commission, fought off 
a hostile bid from GEC. 

The co mmiss ion did isolate 
one area where the merging of 
the two companies’ interests 
would be beneficial, which was 
their overlapping manufactur- 
ing capacities for the System X 
digital telephone exchange, 
which they had both developed. 

The commission’s judgment 
echoed the view of most observ- 
ers of the industry, who had 
watched with mounting despair 


as GEC and Plessey made spo- 
radic attempts, dating back to at 
least 1983, to sort out problems 
over their collaboration on Sys- 
tem X- 

In spite oflfie friction which 
the bid bad caused, Mr David 
Dey and Mr Richard Reynolds, 
who head respectively the Ples- 
sey and GEC telecommunica- 
tions divisions, started another 
round of talks within months of 
the commission report 

Yesterday's announcement 
shows that their ambitions went 
beyond what the commission 
.was suggesting because they in- 


tend to combine all their tele- 
communications equipment in- 
terests and not just System X, in 
what Plessey described as 'an 
incredibly bold move." 

■ Although that will not propel 
the merged GEC-Plessey tele- 
1 coins group far up fhe world 
league of telecommunications 
equipment manufacturers, it 
I will release the sort of re- 
i sources needed when develop- 
ment costs for telecommunica- 
tions equipment are spiralling 
Upwards. 

In financial terms, the deal 
means much more to Plessey 


i than to GEC. Telecommunica- 
tions account for 48 per cent of 
Plessey's activities, with sales 
of £68 inv, but only 13 per cent of 
its larger rival’s business (at 
£748m). 

Both companies have a wide' 
range of aetivites, with the lar- 
gest proportion of sales tied up 
in System X, which accounted 
for £45Qm of their joint turnover 
last year. While System X repre- 
sents the glamorous side of the 
business, they are both equally 
active in the transmission sec- 
tor end in private telephone ex- 
changes. 


i. 







r 

; 




i 


Financial Times Friday October 2 1967 


13 


UK NEWS 



Dennis Kavanagh compares the Heath and Thatcher Governments 

A talc of two prime ministers 


. — — shortly' 

bask in the adulation ofher par-, 
tjr conference. She knows that 
her position in history is secure, 
.. But what of the last Conserva- 
t tive Prime Minister, Ur Edward 

Heath? During this yearns gen- 
eral election campaign Mr 
Heath lamented: 'An attempt 
b$s been made to obliterate me 
from the history books and cer- 
tainly from public life.* He was 
correct. He was not mentioned 
in the party's Campaign Guide 

1887. 

It is likely that historians will 


vantage, with Mrs Thatcher. The 
similarities between the two 
are striking. Both represented a 
more meritocratic strain in a 
bine-blooded party. They mbmi 
from comparatively modest, 
backgrounds, won scho larship s* 
to local grammar schools and< 
Oxford, and were, in Mr Heath’s 
words, "products of opportuni- 
ty." 

In 1970 the programme of the 
Heath Government, like that of 
Mrs Thatcher in 1878, promised 
a clear break with the post-war 
consensus. His economic poli- 
cies were regarded at the time 
as a major challenge to collec- 1 
tivism and as a step in the direc- 
tion of more fre e-market poli- 
cies. 

The programme encompassed! 
a limitation on trade onion priv- 
ileges, reduction of state inter-, 
vention in the economy, avoid-' 
ance of a formal prices and! 
incomes policy, cuts in public 
spending and direct taxes, and 
greater selectivity in welfare. 

The Heath Government soon 
felt itself forced to make U- 
turns. It pat its industrial rela- 
tions legislation on hold, in- 
creased public spending and, 
most spectacularly, intervened' 
in industry and introduced a, 
statutory prices and incomes 
policy. Its downfall in 1974 (and 
that of the Callaghan Govern- 
ment in 1979) seemed to confirm 
the conventional wisdom that 
Governments could not govern 
without the consent of the 
anions and could not be re- 



Edward Heath: forced to 



elected with high levels of un- 
employment Mrs Thatcher has 
managed to re w ri t e the guide 
books in this area. 

The lessons of history axe se- 
lective, and the personalities, 
and events of the recent past 
are invariably invoked by pres- 
ent-day political rivals to fight 
contemporary battles. Since 
1979, Tory "wets" and Labour 
critics of the Government have 
praised the 'one nation* poli-i 
ties of Mr Heath and earlier To-, 
ry Gover nm ents in their attacks 
on Mrs Thatcher. 

Id lin e wit h the dictum that 
winners write history, however, 
the Thatcberites have had the 
last word. They regard the 
Heath record as illustrating-a 
failure of political will and the 
abandonment of political prin- 
ciples. They see the experience 
of the Heath Government (and 
succeeding Labour Govern- 
ments) as confirming the politi- 
cal bankruptcy of the Keynes- 
ian and collectivist approach. 



Mr Heath’s policy 
fleeted the lack of ideological 
underpinning for the policies. 
In the absence of principles, op- 
portunism prevailed. In many 
respects Mrs Thatcher fiats 
made her reputation as an anii- 


The contrasts are many. She 


Margaret Thatcher: 'slaying 
dragons' 

has won her big battles with the 
miners and other unions, made 
her industrial relations legisla- 
tion stick, rejected the "social 
style of economic 
and is more pro-, 
than pro-Euxopean. 
privatisation programme 
has fundamentally redrawn the 
boundaries between the private 
and public sectors. Above all, 
she has restored the authority 
of government which was in tat- 
ters in the 1970& 

The dragons that she claims 
to have slain, notably over- 
mighty trade unions and infla- 
tion, are largely a legacy of Mr 
Heath’s Government The spec- 
tre of trade union power and 
fear of infla tion were dominant 
themes in British polities in the 
1970s and impressions of his 
t erm are still affected by the 
manner of the downfall. 

It is remarkable to reflect 
bow little remains of the Heath 
Government’s legislation. The 
Labour Government 
scrap ped the in- - 
dustrial relations and housing! 
financ e policies. It abolished,- 
the statutory controls on in-, 
comes and reintroduced com-; 
pulsozy comprehensive educa- 
tion. Britain’s membership of 
the European Community was 
thrown into the melting pot by 



Labour's decision to renegoti- 
ate the terms and hold a refer- 
endum. 

Mr Heath’s reform of the ma- 
chinery of government aim* 
proved short-lived. The "super- 
departments' - of trade and in- 
dustry, and the environment - 
were broken up. Programn 
and Analysis Review was for- 
mally abandoned in 1978 and 
Mrs Thatcher disbanded the 
Central Policy Review Sta£C, or 

■think tank,' in 1963. 

In defence of Mr He ath, it 
could be said that he faced a 
less sympathetic climate of] 
opinion than Mrs Thatcher. The 
Labour Party moved sharply to 
the left and was obstructive. His 
Government was the first to feel 
die brunt of the more powerful 
labour movement and the infla- 
tionary pressures from the 
quadrupling of Arab oil prices. 

In his determination to pre- 
serve full employment, Mr 
Heath showed that he was a 
child of the post-war consensus. 
Maintaining fall employment 
was not mentioned in the 1970 
manifesto because it was taken 
for granted. Yet pursuing thin 
" was important in produc- 
the U-turns, notably the in- 
ns policy. It was only when 
the unions over-reached them- 
selves In the winter of discon- 
tent that a new Government was 
able to take action against 
them. Mr Heath was not only the 
last Prime Minister to have a 
statutory incomes policy, he 
was also the last to pursue eco- 
nomic growth in terms of fall 
employment 

Mrs Thatcher learned from 
his failure and was the first 
leader not even to try to main- 
tain the post-war consensus. 
She is the product of Mr Heath’s 
failure and the crumbling of the 
postwar consensus. 



IBM to sell 
terminal 
for leisure 
industries 


INTERNATIONAL Business 
Machines, the world’s largest 
computer manufacturer, has 
staked its claim to a place at the 
pub and club bar with the 
launch of a computerised cash 
terminal far the leisure indus- 
tries. 

Designed in collaboration 
with Scottish & Newcastle 
Breweries, the terminal is 
sentially an IBM Personal Com- 
puter with a modified 
housing a casbbox, keyboan 
video screen and mini-printer. 

Scottish and Newcastle 
already installed 50 of the ter- 
minals, which price drinks and 
food automatically, analyse 
stock levels and send reports 
electronically to head office: 

According to Mr Alastair Mo- 
wat, a director of Scottish A 
Newcastle, the brewery plans to 
invest nearly £lm to equip its 
public houses in the Newcastle 
area with the terminals in the 
first phase of a re-equipment 
programmme. The terminals 
with software cost £3,000 each. 

Most Scottish A Newcastle 


The author is professor qf pot*-| 
tics at Nottingham University. 
This article is based on his eonm-| 
buttons to RuUngPetformancej 
edited by Peter Hennessey and 
Anthony Seldon, and published by 
BasdBlackwelL 


public houses in Scotland al- 
ready use electronic point of 
sale equipment built by the 
Scottish company ZonaL 

Mr Mowat said that Scottish A 
Newcastle was discussing with 
IBM the possibility of a joint 
venture to market the terminal 
'to other breweries, restaurants 
,and clubs: 

Mr Tony Cleaver, chief execu- 
tive of IBM UK, said: "We have 
designed, developed, built and 
sold a uniquely UK product spe- 
cifically for the UK market* 

A ccord ing to a survey by ICL, 
the UK’s only mainframe com- 
puter manufacturer, electronic 
-cash systems are beginning to 
take off in the UK and the great- 
lest growth will be in pubs and 
restaurants. By 1993, it says. 40 
per cent of major outlets will 
have electronic cash terminals 
■compared with 1 per cent today- 


Silkplene 

Lubricants 


j imcmm Ktruni 

j 

H Year ended 


Stx Months 

Sfc Months \ 

31 December 


ended 

ended 1 

1986 


27 June 

23 June 



1987 

1986 H 

fOCO 


£000 

£000 | 

23,136 

Turnover 

11,160 

11,936 | 

789 

Profit before tax 

JOO 

31 | 


Profit/ (Loss) attributable 

J 

369 

to shareholders 

580 

(228) 1 

g 10.6p 

Earnings per share 

134H> 

02p | 

aop 

Dividend per share 

4.0p 

3w0p J 

I 


(Sbc months’ figures uiaudfted) | 


Profits at record level 

i An encouraging start has already been 
made to the second half of the year and, 
in the absence of any dramatic change in 
market conditions, the Directors feel 
confident that the full year result will be at 
a record level. 9 

R. G. Dalton, Chairman 

Sflkolene Lubricants PLC, SHkolene 02 Refinery 
Bdper, Derbyshire DE5 1WF. Tel: 077 382 4151 
Telex: 37219 Fax: 077 382 3659 




Silkolene 



LUBRICANTS 

mint"" 


Lord Lane to hear Best 
appeal against sentence 


LORD LANE, the Lord Chief 
Justice, is to preside over the 
appeal by Mr Keith Best, the 
jaUed former Tory UP, next 
Monday. 

Mr Best, a 38-year-old barris- 
ter, was convicted at Sout h wark 
Grown Court on Wednesday of 
attempting to obtain British Te- 
lecom shares by deception in. 
1984, and received a four-month 
Jail sentence. He is expected to' 
be taken from Brixton prison to 
the Court of Appeal for the 
hearing. 


Mr Best, who represented 
Ynys Mou, Anglesey, from 197&H 
until his resignation earlier th 
year, was also fined £3,000 byH 
Judge Gerald Butler QCL 

Court officials confirmed that 
Lord Lane will sit with two High 
Court judges. 

Mr Best had -denied trying tog 
make a dishonest profit out oil 
-the BT' share tnmieh, but- was! 
told by Judge Butler that he hadl 
engaged in carefully calculated! 
acts of dishonesty- 


MSC chief 
warns of 
skill crisis 


j 


IGNORANCE, incompetence 
and amateurism still hinder the 
recovery of the British econo- 
my, Sir Bryan Nicholson warn- 
ed yesterday in. his final speech! 
as chairman of the Manpower! 



\.£ 


fas*. 

w- 



First Manhattan 
unit acquired 
in the Piazza of the 
Pan Am Building 
through 



Healey & Baker Inc. 

555 Madhon Avenua New Ybrk. NY 10022 
Tel: (212) 935 7251 Fax: (212) 751-1324 totac 645464 



" Sir Bxyah is.due lo leave the 
MSC at the end. of this month, 
after three years in the job, to 
become chairman 0 f the Post] 
Office. 

In a highly critical review of 
employers’ approach to train- 
ing; he said the commission’s 
promotion of training had per- 
suaded many employers to talk 
more about the subject Howev- 
er, too few had taken action to 
improve their training pro-| 
grammes. 

Sir Bryan said: 'All kinds of] 
factors point to a possible skill; 
crisis in the years ahead, and 
that crisis will not be averted by j 
government action alone: 

The improvements being! 
sought in education, in the 
Youth Training Scheme and in 
training for unemployed people 
will not be enough in - them- 
selves. Employers mast put 
their money where their month 
is and start to invest heavily in 
people.” 


a 

Invest in the new 

generation of growth 
in the Far East! 


o : 





i 



/ Sime 
\Darby 




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Sime Darby Berhad 

NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN that tile Ninth Armual General 
Meeting of Sime Darby Berhad will be held at the Pan Pacific 
Ballroom, Pan Pacific Hotel, Jalan Putra, 50350 Kuala Lumpur, 
Malaysia on Saturday, 24th October 1987 at 11.30 a.m. for the 
following purposes: 

To receive and adopt the Directors' Report 

and the Accounts far the year ended 30th 

June 1987 and the Auditors' Report thereon (Resolution 1 ) 




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To declare a final dividend for the year 
ended 30th June 1987 

To elect the following Directors:- . ’ 

Tunku Naquiyuddin ibni Tuanku Ja'afar 

M.S. Berry 

Wee Cho Yaw 

Michael Wong Pakshong 

To consider and, if thought fit, pass the 
following Resolution as a Special Resolution 
pursuant to Section 129(6) of the 
Companies Act, 1965:— 

"That pursuant to Section 129(6) of the 
Companies Act, 196S, YAB Tun Tan 
Siew Sin be re-appointed Director -of 
the Company to hold office until the 
conclusion of the next Annual 
General Meeting" 

To reappoint Price Waterhouse as auditors 
of the Company and to authorise the 
Directors to fix their remuneration 


(Resolution 2) 

(Resolution 3) 
(Resolution 4) 
(Resolution 5) 
{Resolution 6) 






a 


'M 

v> 


In recent years, the dynamic stock 

markets of the Far East have provided 
excellent returns for many investors. 

As the region changes and develops 
further, new, s mall er companies are now 
emerging in these markets and, at the same 
3 * time, new markets are themselves coining 
to light The launch of Fidelity Eastern 
Opportunities Trust is timed to capture these 
exciting Opportunities— the new generation of 
growth companies in the Asian Pac i fic 

Hand picked investments ... 

The new Fidelity Eastern Opportunities 
Tr ust aims coproduce maximum capital 
growth ftom an actively managed portfolio 
of smaller and emerging companies and 
special situations in the Asian Pacific. 

One of the key features of the new Trust 
is that the investment philosophy will be to 
concentrate on individual stock selection. 
This means thatyou can share in the 
success of companies selected purely on 
their individual merits — wherever and 
whenever they emerge within 
die region. 


ster growth. 






(Resolution 7) 


(Resolution 8) 


Kuala Lumpur 
30th September 1987 


By Order of the Board 
Mohamed Ha]i Said 
Secretary 


Any member of the Company entitled to attend and vote at this meeting 
Is also emitted to appoint one or more proxies to attend and vote in his 
stead. A proxy need not be a member of the Company. . 



The Managers will be free to seek out the most 
attractive growth investments from ail the markets 
indie region— without constraint. 

For example, they will be singling out the smaller, new 
companies in the more mature markets such asjapan, Hong Kong 
and Singapore where, in recent years, the investment focus has 
been on front-rank blue chip shares and large companies while 
smaller stocks have, until now, largely been ignored 

At the same time, the Trust will invest in the new generation 
Asian Pacific markets, including new emerging opportunities in the 
already dynamic markets of Korea and Taiwan and the lesser known 
markers lik e New Zpgland, Thailand, Indonesia and markets *= 

such as China as and when they emerge. 

Fidelity, die Far East specialist 

As many investors already know to their benefit, Fidelity has a 
record of considerable success in the Far East In feet, we 1 Ve 
earned a front-ranking reputation as specialists in this area 






For example, in the past 12 months, our South East Asia Trust bas 
grown 80. 156* and, over 5 years, the offer price of Fideiityjapan Trust 
bas grown 647,8%"", making it the second top performer of all unit trusts 
over die period. 

A key element in Fidelity's investment success is the access we 
have to local knowledge through four of Fidelity's affiliates' offices 
strategically located in die Asian Pacific Basin. 

last year alone, local Fidelity analysts made over 400 company 
visits in the region making them better equipped to spot the new 
opportunities. 

Higher risk. Higher reward. 

Many of the Asian Pacific markets are characterised by 
high volatility and the Trust is best suited to investors who *..**.. 
are prepared to accept a higher level of risk in return for 
higher potential long-term rewards. 

Fixed price offer 
during launch. 

Fidelity Eastern Opportunities Trust is offered 
at the fixed price of 25p per unit until 9th October 
1987. 

Contact 
Alternatively, 

your cheque to Fidelity or call our investment 
advisers free of charge cm 0800 4 1 4 1 6 1 . 

We’re open today and every day, 7 days a weel 
Remember, the price of units 
and the income from them can go 
down as wdl as up. 


"Offer io offer 23.9B6tu23.987. 
""Offer iu offer 23-9.82 tu 23987. 
Source: OPALSauisks. 


A 


fi t Mi t T Baarra On pnr mn to ^ « TYin* be nil ft |hc fixed Offer flf 2Sp DOT UOk HlMti 9th Boobct 

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KheUd price rating. You wffl 


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of Trade find Industry, to 


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In the tanm la tine wHfa the dim enrron itfdcmnn 

bfaUcscfibcThfll 

price* xad yields in the fattnrta 

401406. Dtftt Qpkwbfa Ha* PLC Mirggn- 
wak. itasMqpL Kent iwiow “ 


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An 1 96 1 metis authorised 



Fixed Price Offer Closes 9.10.87 

ACT NOW! 


To: fidelity Investment Services Limited, 

P Q Box 80, Tonb ridge, Kent TN9 1DW. 

1 wish w invest fi I In fidelity Eastern Opportunities Trust at the 

offer price ruling on receipt 01 my application. Units a re available at the fixed 
offer price of 25p per unit until 9ih October 1987. 1 enclose my cheque made payable 
K> Rdetiiy Investment Services limited. Minimum investment £1,000. 



Date 


f ifnnrikon inranfcran al «■»• **8° I 

Surname Mr/Mrs/Miss 

IttKllicachlfefeirl 

first Name{s) 


Address 


Postcode. 


rras 




MAKING MONEY MAKE MONEY 


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14 


Financial Times ^day October 2 1987 




UK NEWS - LABOUR AT BRIGHTON 



Livingstone savaged on nuclear defence 


Monstrous 


ACCUSATIONS of political op- 
portunism and immaturity were 
levelled at Mr Ken Livingstone, 
the hard-left MP for Brent East, 
when the Labour conference 
reaffirmed the party's commit 
ment to a non-nuclear defence 
pol icy at Brighton yesterday. 

Close supporters of Mr Neil 
Kinnock. the Labour leader, 
savagely denounced his warn- 
ing. delivered at a Tribune rally 
the previous day. that the party 
would be plunged into civil war 
if any attempt were made to use 
the comprehensive policy re- 
view agreed this week to change 
its unilateralist stance on nu- 
clear disarmament. 

Mr Tony Clarke, of the Union 
of Communication Workers, 
speaking on behalf of the na- 
tional executive, swept aside 
the protests from other left- 
wingers as he subjected Mr Liv- 
ingstone. sitting in the seats re- 
served for MFs. to a stinging re- 
buke. 

He complained that it had on- 
ly been outside the conference 
hall that any delegate had sug- 
gested that Mr Kinnock, who 
had been campaigning for 27 
years to get nuclear weapons re- 
moved from Britain, might seek 
to resist a composite motion 
reaffirming the non-nuclear de- 
fence policy. 

Mr Clarke revealed that 2% 
hours before the speech was de- 
livered - a text had been circu- 
lated in advance - he told Mr 
Livingstone that the NEC would tone - not called to speak In the 
be recommending acceptance debate - was initiated by Mr 
of the resolution. Denis Healey, the former shad- 

G lancing at Mr Livingstone - ow Foreign Secretary, 
whom he did not name - he said: He rounded off an appeal fbr 
”1 find that disgraceful, imma- the policy review to be conduct- 
ture and beneath the dignity of ed on a comradely basis by in- 
a Member of Parliament* sis ting that there was no room 

Mr Clarke told the protesters: for threats or warnings. 

"You do not like it But it is To cheers, Mr Healey said: T 
true.’ do not think the movement 

Echoing an earlier injunction wqill forgive anyone who tries 
from Mr Kinnock, he insisted to exploit the difficulties of the 
that no one could be allowed to arguments for personal politi- 
divert the party from its prime cal advantage.” 
objective - 'winning the next Without identifying Mr Liv- 
election.* ingstone by name, Mr Healey re- 

The savaging of Mr Livings- ferred to his assertion that the 


enabling Nato to adopt a non- 
nuclear strategy. 

Mrs Joan Ruddock, BSP for 
Deptford and the former chair- 
man of the f^mpaign for Nucle- 
ar Disarmament, forcefully 
made clear her continuing fhiin 
in Mr KinnocVs commitment to 
a non-nuclear defence policy. 

Tn Mm- she stressed, the? hwi 
a leader who had made it clear 
he would not be prepared to or- 
der the use of nuclear weapons. 

To cheers, Mrs Ruddock em- 
phasised: "We are really proud 
of that" 

She maintained that it was al- 
ready apparent that the review 
of policy would take account of 
the principle that the posses- 
sion of nuclear weapons and 
threats to use them were "unac- 
ceptable to the fundamental 
concepts of freedom, justice 
and democracy for which this 
party stands." 

But she accepted that there 
was nothing wrong In using Tri- 
dent politically and demanding 
dial the Soviet Union match our 
unilateral action.* 

Mrs Ruddock told delegates: 
"This is a time for courage and 
for a rational review and not a 
time for an unprincipled leap 
back into history." 

Mr Erie Hammond, the leader 
of the EETPU, electricians 
onion, was subjected to what 
seems to have become ritual 
hissing when he went to the ros- 
trum to advocate that the imple- 
best guide to politics in the La- cated to the Trident unclear mentation of a non-nuclear pol- 
bour Party was Mario Puzo’s submarine programme to the icy should be made subject to a 
Godfather. building of hospitals, houses referendum held in the first 

He said: "If he really believes and other social projects. year of office of the next Labour 

in that let him stick to wainng It was a waste of time to talk Government, 
horse's heads for the Mafia.” in such terms, he said, because Mr Hammond stated that on 
The Labour Party, he main- by the time the next Labour the basis that a future Labour 
tallied, did not require any lec- Government took office all the gover nm ent would be pledged 
tyres from the representative of Trident money would have been to hold a referendum o n th e is- 
the Brent constituency on how spent through Labour's failure sue, support for the parly had 
to win a general election. to prevent Mrs Thatcher win- increased from 31 per cent - 

Mr Healey also firmly rebut- ning the last general election. roughly the level achieved in 
ted a claim by Mr Arthur Scar- Mr Healey called for recogni- the June general election - to 38 
gill, the president of the Nation- tion of the need for Labour to percent, 
al Union of Mine workers, that a keep in line with its "n a t ural al- The nati o nal executive op- 
non-nuclear policy would eo- lies” in other socialist countries P°s©ti to® proposal and a reso- 
able the next Labour Govern- on defence policy while contin- lution embodying ii 
ment to divert the money alio- uing to work for developments feate^L 



regiment 

belabours 


Gould stakes claim 


for socialist 


brothers 


respectability 


DEFENCE DAT at the Labour 
conference and throughout it 
was dominated fay the issue 
that undoubtedly cost the party 
the last election -women. 

' Earlier in the week, this 
small bat ear-splitting minori- 
ty hud trampled their often un- 
popular views on their weaker, 
more sensitive and self-effac- 
ing male colleagues. 

Labour conferences - like. 
Indeed. Tory ones - have been 
pushed around fay women for 
some yean now. The only dif- 
ference between the parties is 
that democratic Labour allows 
collective bullying while the 
Tories delegate all the strong- 
arm stuff to one, 

■ Yesterday, however, it came 
to a crunch. Poor Syd Tierney, 
Hie chairman, returned from 
an agreeable lunch with the 
'lads to find tto p ldfaiu sur- 
rounded by a full brigade, 
heavily armed with righteous 
indignation and one even car- 
rying the ultimate deterrent, a 
baby. 

In a vain attempt to disarm 
the onslaught, he tried the 


; HR BRYAN GOULD'S advocacy 
; of wider share ownership has m 
' the last week become a symbol 
of the battle for the updating of 
Labour's policies. 

To the hard left the mere 
mention of the term is anathe- 


they were both more account- 
able to members and more re- 
sponsible in their investments. 

He also suggested Dreeing lo- 
cal authorities from the legal 
restrictions which have pre- 
vented them CTom promoting 


rna. There were a 


criticisms of his ideas and talk 
of the affluent worker during 
yesterday's debate on the econ- 
omy. 

The same point is taken up in 
the various hard-leftconference 
newsletters. One, Campaign 
Briefing, attacks "theright's eco- 
nomic illiteracy and lack of on- 


number of productive enterpnsej. 


Variants of these ideas have 

come during the conference 
from other Labour leaders. 
Speaking at the Tribune rally. 


Mr David Blunkett argued that 

ist be to the 


Labour’s appeal must 
consumer and worker. 


derstanding of public account- 
ibility and 


of rational negotiation, along 
the lines o£ 'Could I be of as- 




were in search of their demo- 
cratic rights - items that con- 
tinually seem to go as tr ay in 
the pr es ence of Tory govern- 
ments or scatterbrained, flip 


it was de- 


Meacher urges change in balance of industrial power 


After the usual shooting, it 
emerged that the misplaced 
right in question comtrvfd a 
provision to ensure that wom- 
en are repr es e n t ed on all the 
party's short-lists for desirable 
jobs. This being already con- 
ceded in a desperate bid by La- 
bour men to avert an earner 
holocaust, the plaintiffs now 
dtm^led that tf a sbort-Ust 
was very short (ie one) this par- 


ability and public ownership 
were inseparable." 

Similarly, Socialist Organiser 
accuses Mr Gould of ’panicking’ 
and looking for a solution in 
"designer politics." 

Even some in the mainstream 
left think tha t Hr Gould’s com- 
ments a week ago - or, at any 
rate, the popular interpretation 
put on them - may have gone too 
far Since then, Mr Gould has to 
some extent been on the defen- 
sive, justifying and exp l a inin g. 

Last uigit at a fringe meeting 
he sought to clarify the position, 
defining more specifically what 
he was seeking. He noted that 
some of the ideas he had used 
were part of the Labour move- 
ment’s heritage and if he had 
talked about workers’ control 
and industrial democracy there 
might have been a different re- 
sponse from parts of the confer- 
ence and less interest from the 


PETER RIDDELL on 
the continuing debate 
within the party over 
the merits of share 
ownership 


He pointed out that Labour's 
1971 green paper on capital 
sharing had suggested a system 
of transferring shares to the 
w o rk ers and simil ar pl ans had 
appeared both in IB82 and in 
last year’s social ownership 


GIVING MORE power to work- Summing up a debate on the great deal more than simply lective bargaining to all strate- that ballots of workers as well 

ers to influence company deci- economy, he called for a change wider employee share owner- gic decision-making which is as shareh olders should decide 

sions will be a top priority for in the balance of industrial ship - our aim is nothing less now the prerogative of manage - on whether a merger or tafce- 

the next Labour Government, power to ensure that companies than the redistribution of pow- ment - must be one of the top over should go ahead. 

Mr Michael Meacher, the shad- invested in job creation rather er. priorities for the next Labour The debate was, m part, a re 

That is why Industrial de- Government' run of Wednesday’s session on 

znocracy - the extension of col- - For yiypipig, he su ggest ed social ownership 


sen would not i 


be 

than female. 

When news af this 
bade to the lads, stiH sitting 
obediently in their scats, the 
first public grumbles of dis- 


-He went on to explain that lie 
was advocating a form of popu- 
lar socialism, ensuring that 
shares were issued as rights is- 
sues to enhance the wealth and 
control of the workers in the 
companies for which they were 


said that, "instead of 
shares which offer no power or 
'access to decision-ma ltin g. La- 
bour should offer a very radical 
alternative. Consumers of so- 
cially-owned industries should 
be given a personal stake in the 
industry or service concerned. 
Those buying an Austin Rover 
car would be given a consumer 
investment entitling them to 
hold company managements to 
account 

Mr Blunkett went on to sug- 
gest that "telephone subscribers 
under such a system would have 
the right to elect representa- 
tives to the national annual 
meeting, where board members 
would be answerable and con- 
sumer directors elected - giving 
real choice and power." 

There has been much talk at 
the conference about opposi- 
tion to privatisation - as well as 
by some, like Mr Alan Tuffin, of 
the Union of Communication 
Workers, of the need to accept 
what has already happened. 

But this begs a number of 
.questions about what might 
.happen in future with the forth- 
coming privatisation of the wa- 
ter and electricity industries. 
.Labour leaders are clear that 


ow Employment Secretary, told 
the conference. 


than expending resources in 
takeover battles. "That means a 




r ■- — J f *C 



Protest by Local income tax option ‘to be 


the brothers had read the eon- 

arguing that 
ofilems in 


they cannot again talk about 
"Those new shares will not be .taking such industries back into 
traded in a conventional way ; pub Lie ownership on terms 
and they will not be a means of 'which can be made to appear 
another casino. They iconfiscatoiy. 


women - like Moslems 
Soviet Utaien - will be a majori- 
ty of the electorate by the tun 


women over 
reselection 


considered by Labour leaders 9 


While rationally pacifist (yet 
another previous co nces sion), 
there is a mounting mood 


will ensure a dividend to those 
.workers, but that dividend will 
lie returning to them the fruits 
of their own labours - what the 
jold-feshioaed Marxist will call 
^"surplus value," he added. 


A clue to future thinking 
came in a late-night television 
interview from Mr John Smith, 
tiie shadow Chancellor. He said 
that, ownership per se might not 
be the best way of achieving the 


Hr Gould sought to distin- ■party’s objectives in relation to 


ABOUT FIFTY women dele- 
gates staged an angry demon- 
stration at toe conference ros- 
trum in a row over the party’s 
rules for the reselection of 


Audrey Wise ‘short-term profit* 

fbhn 


Forestry tax 
incentives 


The protest followed an un- 
successful attempt on Wednes- 
day by women, mainly from 
constituent parties, to reject 
part of the reselectien proce- 
dure. A move to refer back the 
NEC report on the issne was 
defeated on a card vote by 
5,475,000 to 665,000. 

The women argued that the 
NEC had not felly honoured a 


opposed 


THERE SHOULD be no tax in-' 
centives for private investment 
in forestry, the conference de-; 
elded yesterday. ; 

Delegates passed overwhelm-' 
ingly a wide-ranging motion on 
the environment including a 
call "to bring forestry under 
planning control, remove tax in- 
centives to private investors 
and to make the publicly-owned 
Forestry Commission more so- 
cially responsible.' Any forestry 
subsidies should be confined to 
deciduous woodland. 


No reference was made to for- 
estry tax incentives during the 
short debate, but Ms Audrey 
Wise, MP for Preston, summing 
up for the national executive 
committee, hinted that there 
had been disagreement within 
the NEC over whether to sup- 
port the motion. 

In the end. the NEC recom- 
mended acceptance in spite of 
some flaws - not including the 
tax provision. For example, it 
was felt that the statement on 
subsidising deciduous wood- 
land only was too sweeping, but 
it was supported because of its 
clear intention to halt the 
spread of conifer-only forests. 


that there should be one wom- 
an on every short-list for toe 
selection of a parliamentary 
candidate. They say that the 
rule which allows a constitu- 
ency to reselect its MP by hav- 
ing a short-list of one goes 
against this principle. 

Prominent women In the 
party were angered by the 
demonstration, which delayed 
the start of yesterday’s after- 
noon session. Ms Maureen Les- 
ter, of toe shop workers’ union. 
Usdaw, said outside the confer- 
ence hall that the protesters 
were either seeking a privi- 
leged position fbr women MPs - 
in that they would be eligible 
for one person short-lists 
while male MPs would not - or 
they were looking for con- 
tested reselections in every 
constituency. 

Ms Aaae Davis, of the Na- 
tional Union of Labour and So- 
cialist Clubs, a member of the 
incoming NEC, said the dem- 
onstrators were trying to pre- 
tend (hat the people who voted 
on Wednesday did not under-' 
stand what they were voting 
for. They were seeking a posi- 
tion which was in defiance of 
the party’s constitution. 

Mr Syd Tierney, the party 
chairman, firmly resisted all 
attempts to reopen the confer- 
ence debate on the issue, and 
the protesters were later In 
conference with Ms Joyce 
Gould, the party's national or- 
ganiser. 


A LOCAL income tax would be come tax did not involve any 
among the options considered commi tment by the national ex- 
by Labour leaders in framing an ecutive. • - 

alternative to the Government’s He argued that the army of 
poll tax proposals, Mr David snoopers needed to impose the 
Blunkett, the national ex ecu- poll tax and the imposition of a 
five’s spokesman on local gov- hitherto unacceptable identity 
eminent, told delegates. number for all adults would 

He joined with Mr John Cun- constitute a threat to individual 
ningham, the shadow Environ- freedom. 
meat Secretary, in forecasting To cheers; Mr Blunkett de- 
Mrs Thatcher's removal from 10 dared: "Big Sister has replaced 
Downing Street in the wake of Big Brother as a threat to our 
the national campaign to be liberty." 

Mr Blunkett suggested that in 
years to come nativity plays 

la intended*® replaoedomestic 

bfrfStftatto? taEi&d SSgffibrtffpolIt,*. 

and Wales. "They will find that the mater- 

These optimistic forecasts nily hospital has been closed, 
about Labour’s electoral pros- an urban development corpora- 
pects contrasted with the pro- tion has redeveloped the stable 
tests made fay official spokes- and the Three Wise Men have 
men and rank-and-file been arrested for not having 
delegates over the failure of the their identify numbers." 
conference organisers to pro- While accepting the need fbr 
vide adequate time for an effec- the campaign against the poll 
tive debate on an issue already tax to be conducted outside as 
causing serious problems for well as inside pa r liame n t, the 
the Government. leadership successfully called 

One irate Scottish delegate for the rejection of a composite 
unable to take part in the de- resolution implying support for 
bate grabbed the microphone action in breach of the law. 
for a time and delayed Mr Cun- Mr Blunkett reaffirmed the 
□ingham's appearance on the party’s commitment to raising 
rostrum. funds to assist the former La- 

Mr Blunkett stressed that his bour councillors in Liverpool' 
apparently spur-of-the-moment and the London borough of 
suggestion that fresh consider- Lambeth threatened with bank- 
ation should be given to the pos- ruptcy as a result of the penal- 
sifaillty of introducing a local in- ties imposed upon them for fail- 


ing to comply with the law 
governing.the setting of rates by 

local authorities. — - - 

But he rebuked delegates who 
bad used the procedures of the 
conference to Anther the views 


point where you must stand 
and fight this kind of terror- 
ism. Clearly this was not 
shared, alas, by lb lien? 
who made the fetal error of 
asking the melee for a'spekBs- 


gtush his approach from "popu- industries and utilities. It might 
larc 


of extremists outside the party. 

ed that 


Mr Blunkett complained 
'some of us are sick and tired of 
being expected to back any ac- 


After the explosion had died 

down, it was clear that nothing Achieving 
hut fell appeasement would do 
and the sisters withdrew tri- 


don put forward by the Socialist 
Porkers Party who try to attack 


left-wing Labour councils.' 

Hr Clive Soley, the party's 
housing spokesman in the Com- 
mons, condemned the Govern- 
ment’s recent bousing white pa- 
per on the grounds that it did 
nothing to deal with the boosing 
c risis. 

He stressed the problems of 
house price inflation in the 
south-east, where there are 
100,000 homeless families, espe- 
cially those in bed and break- 
fast accommodation, and the 
failure of the Government to 
face up to the challenge of 4m 
homes in disrepair. 

Mr Soley contended that the 
Government was bringing back 
the era of "Bachman and ‘Cathy 
Come Home". 

Government policies, be said, 
meant abandoning the objective 
of good housing for all at a price 
ordinary people could afford 
and and denying any real 
choices between owning or 
renting at different times in a 
person's life and in different 
circumstances. 


Te calm toe mob, Mr Tam 
Dalyell was then brought on to 

few of the 


capitalism." He said that un- be that regulation would do the 
der liis plan the additional job as weLL 
■income to w o rkers was not a So we may be hearing a lot 
! substitute for wages. "It comes more about Oftel and Ofgas in 
■! not out of profits needed for _ major, sectors of private tndus- 

, investment, but from divi- try. But Mr Smith, a more eau- 
' deads." tious political operator than Mt 

i Mr Gould went on to argue Gould, has so far kept his cards 
that there were other ways of closer to his chest and avoided 

accountability the political flak which Mr 
throughout industry, both pub- Gould has faced - and which 
lie and private. He suggested will now force the latter to re- 
1 changing the rules for trustees group and strengthen his posi- 
of pension fluids to ensure that tion. 



Spycatcher. It was a smart 


With the Belgrade Issue warn 
Well and truly sunk, Mr Peter 
Wright’s book has steamed up 
in the nick of time for the MP. 
His particular obsession ap- 
peared to be an episode in 
which Mr Edward Heath is al- 
leged to have "glowered, tam- 
ed on his heel and walked out." 

Mr Dalyell wants a Adi in- 
quiry into this. Which heel did 
the Prime Minister turn on, for 


Brother Todd gives his 
famous Welsh impression 



Bat the only real joy ef the 
afternoon tame from ftat eld 
macho Demis Healey. With eye- 
brows bristling like 
silos, he attacked both the 
Prime Minister and Mr Eon 
Livingstone for creating a situ- 
ation where the UK’s nuclear 
policy now led to la recipe for 
permanent, humiliating de- 
pendency on the US.” 


IVO DAWNAY 


MR RON TODD, the Transport The conference 
Union leader, yesterday got his tion backing legal changes to 
revenge on Mr Neil Kinnock for parallel the new approach at 
the impersonation of his accent last month’s TUC conference to 
in the party leader’s speech to focus on the needs of temporary 
conference on Tuesday. and part-time workers. 

Mr[ Kinnock had quoted Mr a motion approved unanl - 
[Todd as saying he would find it mously fay delegates called for 
■difficult to approach a docker new laws to bring temporary 
learning £400 a week, saying "let casual and home workers wit& 
'me take yon out of your misery, in minim um pay legislation, to 
bruyver.” Yesterday. Mr Todd give temporary workers the 
ended, bis speech on trade same employment rights as per- 
•union and employment rights manent staff and to include new 
;by quoting, in a Welsh accent, workers and contract staff in all 
almost as convincing as Mr employment laws, 
Kmnock^&lmitation ofa London A motion rejecting the gov- 

™ spiced with music eminent's latest union reform 
hall Welsh phrases, a statement proposals and repeating 
;by his party leader that "it’s of hour's commitment top 
-common sense as well as jus- ping all the union laws 
bee, look you, of principle as since 1979. was 
well as practice, boyo. 1 whe lmin gly, 


scrap- 





Benn presses on in search for the socialist grail 


Surveillance allegatioi 


MRS SUSAN WATSON, the wid* Mrs Watson denied the sug- 
ow of a former government sci-, gestioa outside the conference 
enlist Alister Watson, alleged: hall that her husband had been, 
by Mr Peter Wright to have been an associate of Anthony Blunt, 
a Soviet agent, told the confer- Guy Burgess and Donald Ma- 
ence she bad been kept under clean — all agents of the Soviet 
surveillance. • Union. 

, J5S5SS sasss -■assae 

s^c w the Wrigbtal legations? returned 

Watson is a delegate to nJ^SS 

the conference from South West J®“ Cl 

Civrmv t -lKrtnr Par) v Watson is more than justified id 

Surrey Labour Parly. W fa at she said- It was for that 

Her outburst came after T am reason 1 made the reference to 
Dalyell, MP for Linlithgow, had Peter Wright, in some things he 
read out a statement from the, said.orbeingafont&sisL” 
party’s national executive on; Mr Dalyell explained why La- 
Mr Wright’s book. Spy-catcher,* boor's NEC was pressing for a 
book to 1 he conference. foil inquiry into Mr Wright's al- 

Mrs Watson stood up demand- legations. 
ing ihe right to speak, but had to The NEC accepted Mr Wright 
wait 30 minutes for her chance, could be a fantasist, but at least 
which came during a debate on tn iuqiry could test whether his 
defence. ‘ claims were true. 



Michael Cassell on the unyielding credo of Labour’s hard left 



■* 1 **£■ , v * 

■ »■■■ . » ■» 

#V4 


ft - 

MVH. • ’ VS 


& 


»: v 

■ 




T on y B o nn and Joan Maynwd 


POPE, claimed Mr Tony 
Benn, would have his blessed 
hands fell if the Holy Catholic 
Church was forced to amend the 
Ten Commandments every time 
it received evidence that they 
had been ignored. 

Sensibly resisting the tempta- 
tion to ditch his own, lingering 
aristocratic lilt in favour of an 
Italian accent, the left-wing MP 
for Chesterfield gave an ac- 
count of the Likely papal ex- 
change upon hearing of the lat- 
est moral indiscretion: "There's 
been a bit of adulteiy. lads. We 
will have to take it off the list" 

Nowhere does adultery ap- 
pear on the Tablets which de- 
fine Mr Bean's socialist creed of 
solidarity and anti-capitalist 
class struggle, but his point was 
that Labour’s third election de- 
feat was no justification for 
smashing them up and carving 
new ones. Rather, it was the 
shibboleths of Adam Smith 
which bad to east from the top 
of the mountain. 

Addressing a packed meeting 
of the hard-left Campaign 
Group before yesterday’s con- 
ference debate on defence, Mr 
Berm’s difficult task was to 
.raise spirits and dispel despair 
■among those to whom any men- 
tion of "designer socialism." 
Nato or Bryan Gould touches off 
political apoplexy. 

He swore that he was more 
cheerful than he would have 


though (possible,' the Brighton any attempt to dump Labour’s the more she won. 
delegates having repeatedly unilateralist defence policy was Socialists could not be out off 
made it clear that they were not unthinkable. He did not agree by hordes of Peter Kellner-type 
in any mood for abandoning the with Mr Ken Livingstone’s pro- pandits, sweating over calcula- 
principles which had created dictions of civil war within the tors to prove the imDossibilitv 
the Labour Party and which party if the unthinkable hap- of Labour’s task. There was a 
were destined to wipe out the Pened, but only because people battle to be fought for the hearts 
"evil, rotten and corrupt* values tike Mr Benn would not stay and minds of the nartv and toe 
of Thatcherism. around to carry any other type people and there was no time to 

Hr Benn was predictably of defence banner. waste, 

scathing aboat the threat to par- . He acknowledged that the left Mr Benn v a implied criticism 


t, purit, pmed tg Uregnpoct- tad. gKive* £5 " Pa^lealSSp^TiS: 


led policy rethink. There could, week. First, the conference had j lively statesman] ii™ mirmwW 
he warned, be no dilution or so- adopted a policy statement, now to the contributions from some 
cialist principles, oo ideologi- somewhat irreverently referred of his compatriots. Mr Jeremy 
cal coalitions bom out of the to as*Moving About* rather iCorbyn, the MPformS 

^ &2SS 11 ? V* new - ; North - on the comtftoen- 

c°uld hnng victory. fy-adopted electoral college sys- cy parties and trade utions to 

The inspiration behind the al- tom would cut trade union rep- woStogethwtoSn dominance 
tentative Socialist Conference re sen tab on in his own on theMtfonalexSirti^Sto 


to be held later this month at constituency party from 65 per work to elect a newleadeTand 
Che^eW - now_^oridng for percent white the left deputy leader to rid toSpufy^of 

ch Ilk 


socialism" along with its twin had lost three of its champions 'a centre ground which iik« 

town in the People’s Republic on the national execeutive com- pastel shades* ** wlucil “* es 

of China -Mr Benn has taken to imittee, AuSwL thi« 

repeating a little anti-Wilson i B at Mr Benn said that anyone week voted offthelracSd^e 
smear about political integrity, .who had come to Brighton to see task ahead 

A VI rtfwuV r/ui 1 V 1 tit 1 unil fmn .Clialalvpvn MRMhHHliiutJ t j > 4U V&S *0 f fllS 6 & &C3Q 


All good socialists and true, ■ socialism marginalised would of steam on nSS 

i stSg ^ x 5?^ * I — ■_ PP^ 1 a , .■ would U i ak e It impossible for 


in private what they say in pub- 
lic, unlike Harold who sounded 
like Nye Sevan at conference 
and like Reg Prentice in Cabi- 
net. The joke has worn titip for 
fringe fanatics (rather like Mr 
Dennis Skinner's description of 
a yuppified. working-class party 
on the "Road to Ramada” but it 
down well with the foith- 



much pessimism about the im- the „„ 

possibility of LfibonT*fi noAiHcm f l ; lotos to F&ncso on 

waT th . eir commitments. She dis- 

, JJSP™ 4 0U *’ “® party missed her little local setback 
would refuse to come to terms and .l./ local seioacs 


with Thatcherism. 


Tasgsaar— 


Labour’s defeat, he claimed, 
kd created a vacuum whief “ 
ft had to filL But it shouli 
lopt the tactics of the old 
i walking out or ind&lgii 
personal attacks -the more 


and warned that she would be 
around long after those who 


left had to filL But it should not a 


Above all, Mr Benn stressed, pte had a go at Mrs ThatiSer; more of the iSna* 0 * * UtUe Wt 


4T?. - 

f * ’^4.* -7* 

It • 


r; — 





!*- 

7i 


_ _ * i ■- 




i ^ ; a 


itjC tf ^ 


* 


a 


/ 
T 


4 _ 


r 


* 




I 
















i 


Financial Times Friday October 2 1967 




FINANCIAL TIMES 





i Small as they are, the 
• six French-speaking 
cantons which make up 

Romandie span a wide 

scenic variety and are 

home to nearly a quarter of the 6.5 
million Swiss population. Although 
not the richest region In Switzerland, 
it is a favourite retreat for the wealthy 
says William Dullforce 

Diversity of 
azure triangle 

ROMANDIE, or Suisse Bo- histori an, spent several years 
mande, provides the Latin leav- from 1783 in Lausanne, com- 
ening in the predominantly Ger- pleting his monumental Decline 
manic culture of Switzerland, and Pall of the Roman Empire. 
The vine-clad northern shores Today writers, film stars, suc- 
of its lakes mark the point at cessfiil sportsmen, as well as 
which North Europe obtains its commodity traders and finan- 
first breath of the Medi terra- eiers, encouraged by the canton 
□ean and many of its people of Vand's friendly approach to 
manage to blend happily the taxation, find havens along the 
hard-working values of their Swiss bank of Lake Leman, 
fellow Swiss citizens with some Not the wealthiest region of 
of the savoir-vivre of their Switzerland, Romandie, never- 
French neighbours. theless, possesses in Geneva an. 

Six cantons -Jura, Neuchatel, international financial centre* 
Fribourg, Vaud, Geneva and the whose growth rate in the past 15 
Valais - grouped in a ragged years has severely strained its 
half-moon, form the western capacities. Geneva is a meeting 
part of the Confederation. They place for the world's rich and 
are home for nearly a quarter of powerfhl, where the luxury 
the 6.5m Swiss population, in- goods on display sometimes ruf- 
cluding most of the 1&4 per cent Qe the lingering Cahrinisticsen- 
whose mother tongue is French, sibilities of its own citizens. The 
A car driver can cross Roman- rue du Rhone alone numbers 72 
die from north to south in less jewellers, according to a recant 
than four hours: the east-west count. 

traverse along the autoroute Geneva, however, fa the only 
takes about 1 1/2 hours. Small as French-speaking canton with a 
it may be, its geographical van- national income per capita 
ety, from the wooded hills of the (SFr39,552 or 526,750 last year). 
Jura through the pastures and higher than the Swiss national 
vineyards of the plain to the average, which itself is the high- 
Alps of the Valais, made it En- est in Europe. Jura’s income 
rope’s first tourist area, the per capita is barely 60 per cent 
birthplace of the hotel industry of Geneva's. By this measure Ju- 
and from the 18th century cm- ra and the Valais are the second 
wards a favourite retreat for the and third poorest of the Confed- 
rich. the creative and the potiti- eration’s 26 cantons nr half-can- 
caUy exiled. tons. By the norms of southern 

Edward Gibbon, the British Europe or even of northern En- 





'Banking and finance 

Geneva keeps up with the '.op 
money centres 2 


Moral In Frfbowg canton Is a mediaeval town famous for Hs moat 

gland their populations «nn en- counter the drawbacks for ex- 
joyahigh standard of Living. porters of the strong Swiss franc 
Japanese competition to the are being offered to foreign in- 
largely artisanal watchmaking vestors. 
of Jura and Neuchatal recently Cantons do not concert their 
threatened large-scale unem- efforts. Competition for invest- 
ployment there. The danger has ment within Suisse Romande 
been averted partly through an and with other Swiss regions is 
expansion of service jobs but keen. This can be read as show- 
the cantons’ bid to transfer ing the cantons’ respect for the 
workers’ skill in precision engi- free market or as illustrating 
oee ring to electronic and other special characteristics, such as 
computerised high-tech produc- the individualism and deep 
lion yet to pay off in mlL concern for local sovereignty, 

Throughout Romandie, even mirrored in their history, 
in Geneva, cantonal govern- _ Apart from Fribourg, which 
meats and local business asso- joined in 1481, the French- 
ciatjons are working hard to ex- speaking cantons were latecom- 
ploit the possibilities of new ers to the Confederation which 
and to retain an will celebrate its 700th anniver- 
industrial base. Substantial tax saiy in 199L The Vaud gained 
incentives to supplement the its freedom within the Confed- 
high educational qualifications e ration in 1803 while Geneva, 
of the local population and to. Neuchatel and the Valais be- 


came cantons in 1815 as a result 
of the peace settlement at the 
Vienna Congress after the Na- 
poleonic wars. Rebel Jura won 
independence from Berne can- 
ton as recently as 1979. 

Swiss French are orientated 
culturally to Paris and political- 
ly to Berne, the federal capital 
The pull of the common lan- 
guage puts them squarely in the 
cultural sphere of France. After 
reading their local newspapers 
or watching Suisse Romande 
television, they will turn to 
French newspapers and televi- 
sion channels rather than to 
Swiss German. Not many Swiss 
French speak German. 

Politically, it is a different 
matter. The strong Protestant 
tradition in Geneva, Neuchatel 
and Vaud, is a reminder that 
Swiss French history dates back 


to the founding of the Calvin! s- 
tic church in the 16th century 
and to the subsequent Hugue- 
not exodus from France after 
the revocation of the Edict of 
Nantes iu 1685. 

Opposition to France was ex- 
pressed both in religion, which 
inculcated the bourgeois Prot- 
estant virtues of industry and 
thrill, and in political organisa- 
tion. Swiss French political life 
focuses on the canton and com- 
mune, not least in the right to 
vote their own taxes. Direct de- 
mocracy prevails. 

French-speaking Swiss are 
first of all citizens of their can- 
tons - of Vaud or the Valais - 
and in this are thoroughly 
Swiss. It is impossible to imag- 
ine them conforming to the uni- 
form, etatiste political system of 
France. 


’Industry 

.Coping with the ups and clowns of 
j a free market 
I Agriculture and wine 
| Prosperous countryside hides 
! paradoxes among the (arms and 
(vineyards 3 


That by no means implies that 
relations with the German- 
speaking majority in Switzer- 
land are simple and clear-cuL 

On the contrary they are com- 
plicated- French is one of the 
three official languages (with 
German and Italian) of the Con- 
federation. The federal bureau- 
cracy is subjected to directives 
on employing people from the 
different linguistic groups and 
two of the seven members of the 
Federal Council or government 
are French speakers. 

Yet resentments linger. They 
surfaced sharply in the 1970s 
when language was a principal 
argument in the sometimes vio- 
lent campaign that led to the 
formation of the canton of Jura 
out of former Berne territory. 
The Jura dispute smoulders oo 
over the fate of some predomi- 
nantly French-speaking com- 
munes still inside Berne. 
Equally, the German-speaking 
minorities in Fribourg and the 
Valais, cantons crossed by the 
language frontier, sometimes 
voice grievances. 

Economically, Romandie is 
fully integrated with the rest of 
the Confederation, much to its 
advantage it must be said, if 
comparison is made with neigh- 
bouring districts of France. 

I However, Swiss French feel 
'keenly that economic power 
rests largely with the Swiss Ger- 
mans who run the big corpora- 
tions and banks. The recent res- 
cue of SMH, the biggest 
watchmaking group, was organ- 
ised by Swiss Germans. 

For all the grumbling the dis- 
parity in economic weight be- 
tween German-speaking Switz- 
erland and Romandie may be 
less marked than the Swiss 
French sometimes suppose. Ur 
Georges- Andre Cuendet, chief 
economist of Hentsch, the Gene- 
va private banker, has com- 
pared Switzerland’s reputed 
economic power house, the Ger- 
man-speaking golden triangle 
centred on Zurich, Basle and 
OUen, with what he dubs the 
azure triangle of Geneva, Lau- 
sanne and Yverdon, traversing 
the cantons of Geneva, Vaud 
and NeuchateL 

Although the triangles are 
roughly the same in area, the 
azure population is less than 
half that of the golden. Never- 
theless, the azure national in- 
come per capita is only 5 per 
cent lower than the golden with 
both triangles well ahead of the 
national average. The azures 
save less, rely more on import- 
ed labour, have invested much 
less in heavy industry while 
close to two-thirds of them work 
in services against 56 per cent 




Tourism 

Swiss franc strength and short 
season creates problems in the si* 
cantons 


Culture 

Adept organisers ol a wide range 
of festivals designed to give the 
public what they want 4 


in the golden triangle. 

Typically, the azure triangle 
is home for Swiss multinational 
service concerns such as the So- 
ciete Generate de Surveillance 
tSGS), the inspection and quali- 
ty control group. Inspectorate, 
its smaller rivaL and Adia, the 

world's third largest temporary 
employment group. 

Mr Cuendet suggests that the 
azure triangle has more suc- 
cessfully negotiated the passage 
to a post-industrial society, a 
contention that would seem to 
be supported by the fact that in 
spite of the recession at the turn 
of the decade the azure popula- 
tion has recently grown consid- 
erably faster - 6.4 per cent 
against 1.7 per cent for the gold- 
en between 1970 and 1983. 

Like Swiss business general- 
ly, entrepreneurs in Romandie 
are much concerned with the 
slow evolution of the European 
Community, to which they do 
not belong, towards a single 
market. Officials promoting re- 
gional development, particular- 
ly in Jura. Neuchatel and Gene- 
va, refer frequently to the 
prospects for regional co-opera- 
tion across the French border. 
Conversely, French companies 
are showing heightened inter- 
est in the Geneva stock ex- 
change. 

In one respect French-speak- 
ing Romandie represents Switz- 
erland abroad more visibly 
than the Gennan-s peaking ma- 
jority. Neutral Switzerland's in- 
ternational rote as mediator 
and diplomatic forum centres 
on Geneva, where summits and 
disarmament negotiations are 
held and from which several 
UN organisations and Gatt 
(General Agreement on Tariffs 
•and Trade), the body governing 
world trade, operate. Its hu- 
manitarian activities are em- 
bodied in the Geneva-based In- 
• ternational Committee of the 
| Red Cross, staffed exclusively 
f by Swiss. 

More marked, however, is the 
.-permanent foreign element in 
-the city, now estimated to 
amount to roughly one third of 
: the population and sometimes 
blamed by native Genevese for 
air pollution, traffic congestion 
and expensive bousing. Gene- 
va's ‘international sector* com- 
prises no fewer than 250 organi- 
sations in which some 22,000 
people work. The largest single 
employer is CERN. the Europe- 
an advanced physics laboratory. 
Altogether the ’sector’ spent 
SFrI.Sbn (US$lbn) in Switzer- 
land during 1985. 

It is a gross error, however, to 
equate Romandie with Geneva, 
Continued an page 2. 



The oldest Stock Exchange 

in Switzerland 
is also the newest 

(Founded in 1850] 


Geneva’s unique history dates bach 

to the 15th century when foreign traders and 
bankers settled here. Since then it has never 
ceased to enlarge its international outlook - a 
fact which is well demonstrated by the large 
concentration of multinational companies 
«n d organisations that have made Geneva 
their European headquarters. 

Known as “the City of Banks* Geneva now 


also boasts a brand new Stock Exchange 
building, updated with the finest computer 
and communications technologies. 

The new Stock Exchange enhances Geneva’s 
competitive edge in the world of finance and 
secures its position as a major international 
center. The Geneva Stock Exchange, besides 
listing Swiss securities, also deals in those of 
most European and overseas countries. 


Floor Members: 

Banque Hypothteaire 
du Canton de Genfcve 
Banque Klein wort 
Benson S.A. 

Banque Paribas 
(Suisse) S.A. 

Banque Pasche S.A. 
Banque Privfee 

Ed. de Rotschlld S.A. 
Banque Populaire Suisse 


Board of Directors: 

Georges E. Urban. Chairman 
Jacques Rossi er, Vice-Chairman 
Claude Baertswy], Jean Cavegn, Andre Kern. 

Pierre Lardy, Thierry Lombard. Alois Meyer 

Ctdef Executive Officer: 

Kurt Schneuwly 

Hentsch & Qe 
Lombard. OcUer & Cie 
Pictet fir Cie 
Sodfet6 Bancalre 
Julius Baer S.A. 

Sodfiti de Banque Suisse 
Union de Banques Suisses 

The Geneva Stock Exchange 
also includes 59 other members. 


Banque Romande* 

Banque Scandlnave en Suisse 
Bordier & Cie 
Calsse d'Epargne 
du Canton de Geneve 
Compagnie de Banque 
et d'lnvestlssemenls 
Credit Suisse 
Darier & Cie 
Femer Lull in & Qe S.A. 


Trading hours: Bonds from 9.35 a.m. to approx. 1.30 p.m. 

Equities from 10.00 a.m. to approx. 2.00 p.m. 


Volume figures as per december 1986 
Market capitalisation of the listed swiss companies ■ SF 198-9 billions. 

Total nom inqi value of the listed bonds=> SF 162.0 billions. Turnover ~ SF 232,7 billions. 


Geneva Stock Exchange 

8, rue de la ConfMteitioxi - BO. Box 228 — CH-I211 Genera 11 [Switzerland) 
TeL: 022/280684 - Telex: 423559 BGGE - Telefax: 022/292576 


Starting 1988- 










16 


Financial Times Friday October 2 1987 


SUISSE ROMANDE 2 






W GERMANY 


The six Cantons vie for a cut of the banking and financial cake 



Geneva acts as a honeypot 


UP 


JURA 


NEUCHATEL 


'LzkefnyJ/S W I 

NeuchabU tQ4- J 5 


VAUD 


FRIBOURG 


T Z E 


IN GENEVA, Romandie pos- 
sesses a financial centre whose 
speciality, the management of 
wealth, acts as a honeypot for 
not a few foreign banks. Many 
other financial operations are 
conducted in the city - currency 
trading is important - but Gene- 
va's reputation is based on man- 
aging assets for rich private cli- 
ents and, increasingly, for 
institutions. 

As Mr Robert Smith, chair- 
man of American Express Bank, 
has said, Geneva provides "a 
very profitable atmosphere for 



i is 


; mm 

^ • tgTf' >: » ‘ -• * - r ‘ • 




private banking*. AEB bought 
Mr Edmond Sana's Trade De- 


Lausanne 


VALAIS 


GENEVE 

FRANCE 




ITALY 


30 Km 


Diversity of 
six cantons 


continued from previous page 


by far the smallest of the six 
cantons. Apart from the com- 
mon language, the region's most 
salient characteristic is its di- 
versity. Protestantism, for in- 
stance, is not omni-present. Ge- 
neva now contains more 
Catholics than Protestants and 
regionally the Protestant can- 
tons are balanced by the Catho- 
lic Fribourg and Valais. 

Fribourg was a stronghold of 
the Counter-Reformation, the 
‘Swiss Rome' strongly influ- 
enced by the Jesuits. Its eco- 
nomic development from main- 
ly agricultural to industrial 
production and services was 
slow. The Valais, also profound- 
ly conservative, has in recent 
years been the home of a semi- 


nary from which Monseigneur 
Marcel Lefebvre has waged a 
campaign against liberalisation 
in tbe Vatican. 

Vaud, the most populous can- 
ton, has almost everything The 
bulk of its people live in Lau- 
sanne and the string of small 
towns along the northern litto- 
ral of Lake Leman which com- 
prise one of the world's pleas- 
antest and most coveted human 
habitats. Industry has been 
carefiilly sited in the periph- 
eries of the towns. Vaud also 
stretches across the central 
plain, where it produces almost 
10 per cent of Swiss agricultural 
output, to embrace the Alps and 
the folds of the Jura hills. Un- 
derstandably, the Vaudois are 
renowned for their insularity, 
more specifically for a pro- 
found attachment to a home to 
which significantly they refer 
more often as the pays de Vaud 
than tbe canton. 

To most outsiders Romandie 
as a whole must appear to be a 


deeply entrenched society, his-, 
torically, politically and even 
economically. Yet, in the last 


economically. Yet, in the last 
few years it has been in fer- 
ment, stirred by the urgent need 
to adapt industry to foreign 
competition and technological 
advances and to exploit the bur- 
geoning opportunities in bank- 
ing and financial services. 


Its chances of making a suc- 
cessful passage must be good, if 
only because its human and fi- 
nancial resources are so great 
It has wealth of its own, it at- 
tracts wealth and each canton 
has its apprentice schools, tech- 
nical training institutes and 
(with one exception) university. 

Add the intellectual sharp- 
ness acquired from a French 
cultural tradition, and few re- 
gions can be so well endowed to 


Mr Edmond Safra's Trade De- 
velopment Bank In Geneva for 
$520m in 1983 and has since 
made a good business oat of fo- 
cusing it on portfolio' manage- 
ment. and other financial ser- 
vices. 

In sheer weight Geneva plays 
second fiddle to Zurich on the 
Swiss financial market but, 
-judged by the number of banks 
moving shop to the city, its 
growth over the last decade has 
been somewhat fester than Zur- 
ich's. Just over 50 banks, of 
which roughly half are foreign- 
owned, are established at the 
- western end of Lake Leman. 

They are supplemented by fi- 
: nance companies without bank 
, status, most of which operate as 
' fiduciaries advising and manag- 
ing clients' wealth. Thera are 
about 150 of them. 

According to Federal statis- 
, tics the number of people work- 
ing in banking. Insurance, relat- 
, ed consultancies and personnel 
services in the canton of Geneva 
climbed from just under 30JM0 
to more than 38,000 between 
1975 and 1988. Those employed 
by the banks and finance com- 
panies increased from 11,700 to 
164250. 

Almost 40 per cent of them 
work in the Geneva branches of 
Union Bank of Switzerland, 
Swiss Bank Corporation and 
Credit Suisse - a reminder of 
the dominance exercised by the 
Big Three banks whose head- 
quarters are in Zorich -and 
Basle. 

Within Romandie, Geneva is a 
financial heavyweight among 
welterweights and flyweights. 


ISP* 






" * ■ ' 











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* •• - - T . . . . .- - 

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*i new stock 


two medium-sized Swiss Insur- 
ance companies. In feet the can- 
ton of Vaud can boast of being 
the fourth largest Swiss finan- 
cial centre after Zurich, Geneva 
and Ticino. 

Holland's Elsevier publishing 
group runs its international fi- 
nancial business from Neucha- 
tel and Elders EEL has just set 
up an investment management 
operation there. 

Each canton has its own can- 
tonal bank, savings and region- 
al banks, which draw on local 
patriotism in competing with 


tation for political, fiscal and 
monetary stability and Swiss 
banking secrecy Is still a deci- 
sive element 

Among its own virtues Geneva 
probably benefits most from the 
centuries-old reputation em- 
bodied in its discreet still 
largely family-owned private 
banks. These belong to part- 
ners. each of whom carries nn- 
] limited liability for his hank, 
which has no obligation to re- 
port publicly or to disclose any- 
thing whatever about its busi- 


tbe big national banks in mort- 
eaEC lending and commercial 


Its banking sector employs 1 1/2 
(times as many people as the 
| combined banking sectors of 
jthe five other cantons. This 
does not stop the others from 
trying for a share of the interna- 
tional monies flowing nto the 
{country. 

Lausanne has its own modest 
stock exchange where the vol- 
■ume of transactions is about 
one-tenth that of Geneva’s but 
which is starting to show great- 
er liveliness. Turnover in- 
creased by 6 per cent in the first 
eight months to SFr 15.5bn. 

A handfel of foreign banks 
and the holding companies of 
several multinational concerns 
have sunk roots in Lausanne 
which is also headquarters for 


cope with current challenges. 
As the Swiss French themselves 


As the Swiss French themselves 
sometimes admit, only their 
tendency to self-complacency 
might defeat them. i 








jj?." V*;a V 4: ; d&l. 

msm. 


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* * . 

. » 


gage lending and commercial 
credits. They cooperate with 
the big banks to obtain a share 
of the domestic bond market. 

Unlike their German-speak- 
ing compatriots, however, the 
citizens of the six cantons are 
not big savers, a symptom per- 
haps of the Latin temperament 
In the canton of Vaud, the ri- 
chest of the six after Geneva, 
savings per head are about 
three-quarters of the national 
average. The relative lack of 
thiift ls a handicap for tbe local 
banks. 

As in a good Swiss watch 
many parts combine to make 
Geneva tick as a financial cen- 
tre. They include its status as an 
international meeting place, its 
central location in Europe, its 
airport, the high ratings and ef- 
ficiency of its hotels, the pres- 
ence of some of the world's top . 
jewellers, modistes and auction - 
houses and the nearby presence 
of international private schools. 
High net worth customers - to 
use the jargon - like to visit Ge- 
neva. 

It shares Switzerland’s repu- 


Not a few of the old private 
banks have fallen fay the way- 
side but much prestige attaches 
to the survivors, in particular to 
the six of the private bankers’ 
association. The largest, Pictet 
and Lombard, Odier, and now 
Darter have invested heavily in 
computerised equipment to en- 
able them to compete for the 
management of pension and 
other institutional funds. Only 
insiders really know but bank- 
ers guess that the Binds under 
management by Pictet are be- 1 
twen SFHObn and SFr50bn with 
-Lombard, Odier not for behind. 

It is essentially to tap and' 
stimulate this traditional Gene- 
van business that other banks, 
including foreigners, have 
moved in. A banker like ABB’s 
Bob Smith will say that the 
Swiss have been slow to exploit 
the potential and that the new- 
comers are showing them how 


-to use new financial instru- 
ments to expand the market 

One mystery remains. Swiss 
bankers have complained for 
years about the federal stamp 
duty, which also applies to for- 
eign-to-foreign transactions and 
which, they claim, puts tbe 
country at a competitive disad- 
vantage. Yet, the business con- 
tinues to grow although Binds 
are largely channelled to Lux- 
embourg and off-shore centres. 

The answer seems to he that 
the Swiss label matters. A pri- 
vate account in Switzerland 
‘still has prestige and carries 
guarantees for the private in- 
vestor. Institutions seeking to 
spread their investments appre- 
ciate the country’s economic 
soundness, low inflation and 
strong currency and. as long as 
■their results continue to beat 
-the averages, they will place 
i funds with banks in Geneva. 

There is no sign that the ex- 
pansion is stopping. Foreign 
bankers are still moving in. Mr 


Safrn is expected back wtth his 
Republic National of New York 
Computer system and 
software suppliers say banks 
are continuing to invest in 
equipment. 

Keeping at the leading edge 
technologically remains impor- 
tant. The Geneva stock ex- 
change moved Into new prem- 
ises last year and installed 
computerised trading systems. 
It is now close to starting a -sec- 
ond market* in the belief that it 
Is called for by the growth in the 
number of small and medium- 
sized high-tech companies in 
Romandie and in the greater re- 
gion embracing French Savoy,, 
northern Italy and southern 
Germany- 

A little publicised bet is tiie 
importance of Romandie for in- 
ternational commodity trad i ng. 
Five of the world's six biggest 
traders in soft commodities, 
such as cereals, operate from 
Geneva and Lausanne. Many big 
deals for the sale of wheat to 
the Soviet Union, the Middle 
and Far East have been negoti- 
ated there. Several traders, 
mostly like the private banks 
still family-owned, have recent- 
ly expanded their financial 
units or set up new ones to ex- 
ploit the financial futures and 
options markets. „ _ 

The International Futures 
and Commodities Institute, es- 
tablished at Carouge just out- 
side Geneva in 1984, trains pro- 
fessionals from all over the 
world and carries out research 
into finance and commodities- 
It has developed a computer- 
ised t raining programme for 
Soffex, the Swiss Options and 
Financial Futures Exchange, 
which the Zurich, Geneva and 
Basle stock exchanges will start 
next year. 

Soffex is one of several sig- 
nals that the Swiss - a little be- 
latedly in the view otsome for- 
eign bankers - are set on 
maintaining Switzerland’s 
place as a vital centre for inter- 
national finance and are invest- 
ing in providing locally the in- 
struments and services, for 
which practitioners on the 
emerging global market are 
looking. 




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GENEVA LONDON ZURICH 
022/42’26’29 753/82*1 1>48 QI/730’45’71 






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TEL 022/860080 - TELEX 427278 - FAX 8608 19 
























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1 ■ - 


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financial Times Friday October 2 1987 


17 


* 






( SUISSE ROMANDE 3 ) 


IngkjstryjjangesffonUi^c^^ 

Ups and down reflect free market 


ROMANDIirs six cantons are 
two wagers over indns- 
u? ' that they can their 
seemingly inexorable drift Into 
purely service societies and 
that they can hitch firmly 

enough mi to new technologies 
** turn themselves into small 
silicon valleys. 

Amazingly for a small region 
containing only some LSm neo* 
pie, eachcanton so for fighteon 
its own. They compete with' 
each other in offering tax ad- 
vantages, which can amount to 
total exemption fr om on 

profits or capital for several 
years. Cheap industrial land 
and training facilities are also 
deployed competitively. 

The cantons have a lot going 
for them - well-educated popu- 
lations, extremely attractive liv- 
ing conditions for investors, a 
central location in Europe and, 
above all, a genuinely entrepre- 
neurial climate. Labour costs 
are roughly 10 per cent lower 
than in the very ex- 

pensive Swiss German industri- 


1 

ROMANDIE’S INDUSTRIAL DEVELOPMENT 


• 



e 

•h 

WMk 

f optic* 

Watehmakkifl 

Vta Number 

• 

- 

tmpleytJ 



OHM 

•mployd 


1975 

17636 

41 

1857 

27 

628 


1985 

19307 

59 

2300 - 

18 

347 

Vkud 

1975 

51425 

277 

6580 

150 

2785 


1985 

48256 

209 

7152 

106 

2065 

UWris 

1975 

19062 

35 

1177 

28 

606 


1965 

19456 

43 

1179 

. 23 

608 

Hmrlirttl 

1975 

31341 

138 

2949 

- 577 

15028 


1965 

25317 

135 

4174 

325 

7593 

Qiniin 

1975 

31793 

161 

4903 ' 

259 - 

4219 


1985 

27380 

166 

4391 

224 _ 

4171 

Jtara 

1975 

12628 

23 

287 

316 " 

6328 

• 

1985 

10730 

25 

663 

174 

3867 


Saccess is for from sore, how- 
ever. In the 15 years or so since 
toe cantons started to resist de- 
industrialisation, progress has 
tended to resemble a switch- 
back. albeit in most cases one 
which mounts towards the goal. 

Because a free market pre- 
vails, a US company’s decision 
to close down a factory with 250 
employees is accepted, al- 
though the lost jobs may repre- 
sent a sizeable chunk of a small 
canton’s work force. 


land’s biggest enterprise. Nes- 
tle, at Vevey in the canton of 
Vaud. By for the greater bulk of 
the food group’s operations are 
'outside Switzerland, however. 

Heavy industry In the six can- 
tons has been mainly imported 
usually in the form of invest- 
ments by Swiss-German compa- 
nies seeking access to hydro- 
electric power. 

Valais, toe canton embracing 
the upper valley of toe Rhone, 
is in this respect distinct from 
the other five in that large-scale 
industry employs about half its 
industrial workforce. It pro- 
duces 10bn kwh of electricity, 
almost 30 ver cent of Switzer- 
land's 


a f ri min i um _ 

though, is now pulling out ■««! 
the Valais has joined the other 
cantons with its own pro- 
gramme for Industrial develop- 
ment designed to encourage 
small and medium-sized units. 

Pew big manufacturing con- 
cerns have been generated lo- 
cally in Romandie. The biggest 
native son is BobstatPrQlyTjust 
outside Lausanne, the capital of 
Vaud. The world's iMding pro- 
ducer of machinery for convert- 
ing paper and cardboard into 
printed packages, Bobst has a 
turnover approaching SFrSOOm 
(S540m). 

Vaud, the most populous of 
toe cantons, also has toe most 
diversified industry and the lar- 
gest industrial wor kfo rce. A big 
agricultural producer, it con-i 
tains several food-processing! 
concerns, metallnrglcal plants' 
and the region’s biggest domes- 
tic pharmaceutical company in 
Zyma. 

In industry, as in linguistic 
matters, the Swiss French 
sometimes argue that they are 
discriminated against within 
toe Confederation. Federal ar- 
my procurement deals, such as 
sub-contracting orders for West 
German Leopard tanks, go dis- 
proportionately to German- 


air defence equipment it has 
a. This was 


sold to Canada, 
acknowledging Swiss French 
high-tech abilities. 

Romandie's most typical in- 
dustry for c enturies has been 
watchmaking, established prin- 
cipally along toe range of toe 
Jura hills from Geneva through 
Nentchatel and the present can- 
ton of Jura. 

Though a few substantially 
sized companies had emerged, 
its organisation remained basi- 
cally a rtisanal until the 1970s, 
its reputation' for excellence be- 
ing reflected in toe image oftoe 
sing le gkiiiod nn>h»hm»rw with 



As far back as the turn of the 
century Valais attracted invest- 
ment by big Swiss chemical 
companies such as Ciba-Geigy 
and Louza and by Alusuisse, the 


Much satisfaction was there- 
fore felt when * Oerlikon- 
Bnehiie, the c ountr y ’ s biggest 
arms manufacturer, recentfyset 
np at (Hand in Vaud a plant for 
developing and building guid- 
ance systems for the . advanced 


The trauma for Romandie’s 
industry began from 1973 when 
the Jura hills felt the impact of 
the Japanese application of in- 
dustrial production methods to 
watchmaking and their exploi- 
tation of quartz timekeeping, 
discovered but not developed 
by the Swiss. 

It has been estimated, count- 
ing ancillary occupations, that 
Neuchatel lost 17JQOO jobs while 
close to half the workforce in 
the canton of Jura became re- 
dundant 

The situation was aggravated 
by toe recession in the late 
1970s which also hurt the re- 
gion’s machinery and preci- 


Deserted factories can still be 
seen in toe small towns in the 


Swiss watchmaking has made 
a remarkable recovery in toe 


last four years. Bat this been 
based on toe application of 
semiconductor technology and 
the introduction of maw pro- 
duction tp-hniquoq to the 
Swatch, the popular plastic 
watch. The centre of the recov- 
ery has been Bienne, a bilin- 
gual town outside Romandie 
proper. 

Watchmaking in Romandie 
has by no means been deci- 
mated. Geneva’s luxury watch- 
makers continue to dominate 
their world market Rolex has 
gone on expensive, 

chunky “wrist chronometers’ 
with profit doubling its work- 
ing space with a new building in 
1981. 

One company has successfully 
made a virtue out of anomaly. 
Blancpain, which made its first . 
watch in 1735, has turned its 
back on modern production 
methods. U has anchored itself 
to toe tradition under which, 
one craftsman can spend up to 
10,000 hours making a watch, 
sews its watch straps by hand 
and proudly proclaims that it 
will never use a quartz. It sells 
every watch It builds. 

For the cantons of Neuchatel 
and Jura, however, toe trick has 
been to diversity and create 
new jobs. They have mounted 
what amounts to collective ac- 
tions by private business and} 
public authorities, the thm*t of 
which has been to develop their 1 
potentials in micro-mechanics 
and micro-electronics. 

Neuchatel’s progress has j 
been particularly impressive. It 
claims to have attracted some 


150 new enterprises to toe can- 
ton, of which 40 are industrial, 
and to have created 3,000 new 
jobs in toe last few years. 

In Microelectnmic-Marin it 
now- has Switzerland's biggest 

manufacturer of integrateacir- 
cuits. Borg Warner is making 
guidance systems for missiles in 
the canton, which also is home 
to DectroSwiss, a joint venture 
by some of the Swiss multina- 
tionals in. computer aided de- 
sign. 

Lemmerz, Europe’s biggest 
car wheel manufacturer, has set 
up a tool and die-making opera- 
tion. ALP, a company producing 
electronic dictionaries, has 
found a home in gieuchateL 

A special advantage for the 
canton is that it houses both the 
Swiss Centre of Electronics and 
Micro technology and the allied 
Swiss Foundation for Micro- 
' technology Research, created in 
2978 by an agreement between 
industry and the federal gov- 
ernment. 

Mr Karl Dobler, Neuchatel’s 
very energetic industry repre- 
sentative, is not afraid of gran- 
diose comparisons. Just as Ger- 
many and Japan had to build np 
their economies after the war, 
he says, Neuchatel is now 
■building the economy of tomor- 
row' under the impact of the 
structural collapse of its watch- 
making and machine industries. 

However, in overall industrial 
employment, it was Fribourg 
that made the biggest gain be- 
tween 1975 and 1985. 

Industrial exports, it is 
claimed, now account for al- 
most a third of the canton’s 
gross national income 

Finally, too, there seem to be 
some moves towards concerting 
cantonal efforts. 

WHara DuUfoice 


Agriculture^^ 

Efficiency brings 
surplus problems 


TRAVELLERS IN Romandie, 
especially in Vaud and Valais, 
the two biggest cantons, will be 
struck by the extent and appar- 
ent prosperity of its forms and 
vineyards- The spectacle, the 
shaping by human hand of 
rolling plain, hill and slope be- 
low the backdrop of the Alps, is 
extremely attractive. It also 
hides a host of paradoxes. 

Throughout the region - ex- 
cept latterly in Geneve (one par- 
adox) - toe number of people 
working the land has been in 
constant decline. Yields have 
not Suisse Romande, like 
Switzerland as a whole, pro- 
duces surpluses of cereals, 
meat, dairy products and wine 
as busily almost as the Europe- 
an Community. 

In agriculture- as in every- 
thing else the Swiss are effi- 
cient and well-organised. Their 
vineyards produce some 77 hec- 
tolitres of wine per hectare 
compared with the 5855 hecto- 
litres of more reputed wine pro- 
ducers such as France and Ita- 
ly. 

In the plain of toe Vaud, 
where individual forms are lar- 
ger, cereal yields are amnng the 
highest in Europe. The farmers 
around Gruyere in the canton of 
Fribourg are extremely busi- 
nesslike in the production and 
marketing of their cheeses . 

So complicated and varied 
are the federal financial sup- 
ports that nobody is quite sure 
how much these effluent farm- 
ers cost the Swiss taxpayers. 
The usual estimate is between 


AGRICULTURE 
IN ROMANDIE 


Itfti Hunter 


1975 6,660 12,128 
1985 5,640 10311 


1985 8,430 17.545 
1985 7.44316293 


1975 10.289 12,120 
1965 91645 11,683 


1975 1,639 3,412 
1985 1,616 3,406 


1975 811 2.633 
1985 748 2,805 


1975 1,942 3,451 
1985 1,674 3,164 


SFr4bn and SFr5bn ($2.6bn and 
$3.3bn) a year at the national 
leveL It costs SFrI.200 per cow 
to dispose of the milk surplus. 

Taxpayer resistance to these 
disbursements may be growing. 
■A plan to encourage beet ferm- 
jers to expand domestic sugar 
! production at the expense of 
imports was voted down in a ref- 
erendum last year. An argu- 
ment in favour of the plan was 
that it would take some land out 
of milk and meat production. 

But a host of arguments, from 
national self-sufficiency in vital 
'foods to environmental consid- 
erations, are adduced for con- 
tinuing the federal support and 
win approval from consumers 


land taxpayers. 

I Few Swiss French, for in- 
1 stance, want to do away with di- 
rect payments to mountain 
farmers in .the Valais. Their 

presence near the skiing slopes 
and summer holiday areas is 
appreciated. 

In 1986 Romandie produced 
113m litres of the I35m-litre to- 
tal Swiss wine harvest with the 
Valais alone contributing some 
70m. For wine the problems are 
different because federal sup- 
port is much less, restricted 
chiefly to helping to finance the 
surplus stocks and their dispos- 
al. 

Orsat, the country’s second 
biggest wine wholesaler, had to 
be rescued from bankruptcy 
last year, broken by the unsale- 
able stocks it had accumulated. 

Less than 1 per cent of Ro- 
mandie's wine ouput is export- 
ed. Most of the wine has to be 
drunk young and does not travel 
and, while the Swiss wine-grow- 
ers outperform others in quan- 
tity, few have found the secret 
of producing exportable quali- 
ty. In the Valais no more than 10 
per cent of the owners depend 
wholly on their vineyards for 
their livelihood. 

Under the stimulus of their 
own associations rules are now 
being applied to limit output to 
one kilo of grapes per square 
metre. Stocks, which at one mo- 
ment had reached over 100m li- 
tres in the Valais alone, have 
started to decline. 

Wfflam Dullforce 


A legion of bookworms 


readers and have 
for 

They bey 


purely local In te r es t. And sa. a 
dose relationship has growa np 



books than any 
; fear 
toe French. 


pap er . So duo tU 
like the Geneva baaed French 


their favourite 
thong** this 11 
ried; very few 


patten* al- 
mvy be que- 
will admit 


ty impossible to obtain truly 
gfouai drestatton. 

The region has been linked 
with p ri»tiqg since the Kefbrnift- 
tion. One of the earliest English 


mg television. In Romandie an 


is 


reading the press. The choice is 
vast In 1985* 122 newspapers 
were printed in Switzerland* 
compared to 114 in 1939. This rep- 
resents an increase of 134 per 
cent for a population that has en- 


glish nse Roman rather than 
Gothic script today. The first 


Part of this 
be explained* yet 
diversity of cultures, 
religions and 
country. Many 
valleys have their 
containing 


by the 
languages, 
in the- 

Romandie 


neva in May 1387, paid tribute to 
Wik long and prestigious tradi- 
tion. The Fair attracted 87,000 
visitors, and plans for lOO.QOO. 
in 1988. Sales at the Fair were for 
beyond the organisers’ expecta- 
tions. One Geneva publisher cov- 
ered his casta four times over; 
particularly impressive for 
books appealing to a minority aa- 
dience. 

For, although there are around 


10O publishers In Romandie* amongst the best in the world, 
an average 2,000 but the standards of peripheral 
in French annuity, they activities like typesetting and 
do -not realty e x p ect to make a graphic design are also high, 
profit in Switzerland. Most tarn Add to this good distribution net- 
to overseas markets sueh as works and it becomes easy to see 
France and West Germany, or why the international newspa- 
have othe r Irens in the fire. per* are In te r e st ed in printing 

F inancially * toe press feres their E ur op ea n edi t ions here. 

However* all is not as rosy as It 
seems for Romandie printers. 
The steug Swiss franc and long 
waits for deliveries are starting 
to try the patience of many im- 
portant clients. Several of the 
Geneva-based multinational 
companies are turning to print- 
ers in Holland and 

even New Veto. It seems that 
prices there are lower, cre ati ve 
talent readily available and de- 
liveries quicker. The Romandie 
printers may well discover that 
they are no longer calling the 


eent of advertising placed 
throughout the' country. ’La 


advertising. In a 
job offers are the 


Printing «Hn» and equipment 
sophisticated w rcghml 
tastes. Although wages were 
Ugh, printers remained compet- 
itive by investing In advanced 
equipment, requiring fewer 


COMPAGNIE DE GESTION ET DE BANQUE GONET S.A. 

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Financial Times Friday October 2 1987 


C SUISSE ROMANDE 4 ) 


Tourism 


Hotel accommodation in Romandio 


Culture 


Strength of 


1986 


Available Bede 


Occupancy 


Geneva 



c holds 


vaud 



Valais 


rnmmt: ■ & 


hack growth 


Neuchateli 


Fribourg 


IT IS not a secret that Swiss 
tourism earnings have deterio- 
rated since early 1984. This is 
due mainly' to the continuing 
strength of the Swiss franc 
against West European curren- 
cies and the decline of the US 
dollar. By 1986. overnight stays 
booked by foreigners had de- 
creased significantly while the 
strong franc encourages the 
Swiss themselves to visit other 
European countries or even fur- 
ther afield. (It is worth noting 
that 75 per cent of Swiss taking 
a holiday go abroad - the high- 
est European figure.) 

While the quality of tourism 
in Romandie remains high in 
both summer and winter the 
need is growing to find and ex- 
ploit new types of tourism. 

The major problem for moun- 
tain resorts is how to attract 
tourists during the ofT peak 
months. Villars, in the Vaud 
Alps, for example, organised 
this summer a festival of golf, 
tennis and music with proceeds 
going to young artists and sports 
people. 

Each of the Romandie can- 
ions is affected by the strength 
of the Swiss franc in its own 
way. Geneva and Vaud cater to 
the business class and have 
been less affected. They have a 
bed occupancy 16 times higher 
than that of the Valais and its 
ski resorts. Hotel owners here 
complain of low profit margins, 
particularly as tourism is so 
seasonal and staff now have 
more time off 1 and fewer work- 
ing hours. Many hotels date 
back to the turn of the century, 
and are now in need of expen- 
sive renovation. 

To cope with this, a unique 
company. Sodeva] was set up in 
January 1986. It is a private com- 
pany with 30 per cent shares 
belonging to the state and 70 
per cent to private entities such 
as the major banks. During 1986, 
it invested SFr 36m in renovat- 
ing 27 establishments, at the re- 
quest of owners. 

Complaints are also voiced 
about the famous Chalet Parties 
- particularly in Verbier- which 
do not have to meet the same 
standards for stalT, cooking, 
andtraining as local hotels. Al- 
though the chalet occupants use 
the ski Jiffs and other equip- 
ment, the system represents a 


serious rival to the local hotel 
business. 

Most visitors to the Valais are 
holidaymakers and only Crans- 
Montana, with its pew confer- 
ence hall, is really able to han- 
dle business needs on a large 
scale. 

The Canton of Fribourg also 
lacks installations to meet the 
demand for business conven- 
tions. A project is presently un- 
der consideration for a new hall 
to hold 2,000 people and 1,000- 
1,500 for banquets. Two new ho- 
tels with a total capacity of 200 
beds are opening in 1988, to add 
to the present 800. As a capital, 
Fribourg has a tradition of con- 
gress organisation, although the 
activity really got off* the ground 
only some 15 years ago. Fri- 
bourg's tourist trade also in- 
cludes visitors to Its many cul- 
tural events and mediaeval 
specialists visiting the old town. 

The Jura, famed for its beauti- 
ful countryside, has concen- 
trated on promoting inexpen- 
sive. active, open air holidays 
for indidivudals and families. 
They come primarily from the 
German and Italian parts of 
Switzerland. 

The percentage of Swiss prac- 
tising a sport at least twice a 
week has risen from 17 per cent 
in 1978 to 24 per cent in 1984, ac- 
cording to the Swiss Sports As- 
sociation, because of the grow- 
ing trend for physical Gtnesfi 
and a simpler lifestyle. The Ju- 
ra’s Tourist Office has devised 
holidays for bicycling, fishing, 
riding and walking. This style of 
holiday could well be in for a 
minor boom considering that 37 
per cent of the Swiss popula- 
tion. aged between 15 to 34, give 
sports as their favourite pas- 
time, and 23 per cent of the 35 to 
54 age group. 

The Jura tourist Office, which 
opened in 1982. has benefited 
from the bad experiences of 
other regions, like overcon- 
struction and too many country 
cottages. The 65,000 inhabitants 
of the Jura’s 830 sq km are not 
prepared to let their country- 
side disappear under a pile of 
cement. 

Medical tourism is of special 
importance for Romandie. 
Some SFr695m were spent by 
foreigners on medical expenses 
in Switzerland during 1986. but 


Jura 


10 20 
Thousands 



Festivals to suit all tastes 


2 3 4 


some of the famed private clin- 
ics in Vaud are now in financial 
difficulties. Medical tourism 
began when August Tissot one 
of the first doctors to refose tips 
from grateful patients, set up 
his Lausanne practice In the 
mid and late 18th century. His 
fame spread throughout Europe 
and soon patients flocked to 
Lausanne. 

In the early 19th century, local 
spas attracted foreigners to the 
region - the therapeutic virtues 
of the Champel waters in what 
is. today. Geneva's smart resi- 
dential area, were particularly 
appreciated by Andre Gide and 
Josenh Conrad. 

Lausanne estimates that one 
third of its tourists originate 
from medical and teaching 
fields, one third from business 
groups and one third are holi- 
daymakers. After the 1986 de- 
cline, the Tourist Office reports 
a satisfactory increase of nearly 
5 per cent overnight stays at the 
end of July, compared to the 
same period in 1986. Lausanne 
has 5,000 beds and is able to ca- 
ter for congresses of 300 to 8,000 
participants. 

The Vaud capital has a con- 
firmed reputation for quality 
tourism. Its famous hotel man- 
agement school, founded in 1893 
by hotel director Jacques 
Tschumi, was the first of its 
kind in the world, and now it 
picks and chooses its 475 stu- 
dents from 35 countries. 

Lausanne’s hotel tradition 
strongly supports its candidacy 
for the 1994 Olympic Winter 
Games. It has ease of access, 
ample accommodation, an 
Olympic village, facilities for 
the mass media, as well as 
sports facilities. Sentimental 
reasons are also evoked - after 
all the International Olympic 
Committee has been based here 
since 1915. 

Travelling to and from Ro- 
mandie was simplified in May 
this year, when the new railway 
link between Geneva and its 
airport was inaugurated. Trav-. 
ellers can now check in their 


baggage at the beginning of 
their journey and pick it up at 
their destination. The improved 
route, for Instance, shortens the 
travel time between Geneva 
and Neuchatel by 28 minutes, 
by bypassing Lausanne. 

Geneva Airport serves the en- 
tire region of approximately 
two million inhabitants, includ- 
ing neighbouring France and 
Italy and is unique for two rea- 
sons. 

Firstly, it catered for 5J5 mil- 
lion passengers in 1986; in other 
words, one passenger for every 
two inhabitants or 14.4 flights 
for every resident. Secondly, it 
has no domestic airline, Swis- 
sair being based in Zurich. 

This has stimulated the air- 
port authorities to promote the 
catchment area. Concentrating 
on airlines and tour operators, 
they have succeeded in adding 
six airlines to those operating 
from Geneva over the last year. 
Next on the list are the Japa- 
nese whose visits to Switzer- 
land have decreased, although 
Geneva is still their third most 
popular European town. 

Surveys show that the Japa- 
nese are unhappy about the 
coldness of their reception and 
feel Geneva does not need to be 
seen twice. By promoting the 
town as a gateway to Europe, 
the authorities hope to solve 
this problem. 

The Japanese are not the only 
nationality to visit Geneva less 
often. The Hotel du Rhone, one 
of the 16 five star hotels in the 
town, reports a decline in occu- 
pancy of some 12 per cent since 
1985, offset by a dramatic 2S per 
cent increase in food and bever- 
age, banquet and conference 
services. 

The trend is towards shorter 
business trips, often lasting the 
space of an all day meeting. The 
decline in hotel occupancy af- 
fects the whole region - from 
bakers to watchmakers. But, on 
an optimistic note, figures for 
September are highly pro mis 

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CULTURAL life in Romandie is 
booming. Local folklore events 
are a centuries-old tradition. 
The region has long been able 
to attract top international per- 
formers to its opera house, con- 
cert halls and theatres. Now, 
far-sighted authorities are be- 
ginning to adopt more imagina- 
tive policies to cater for the 
growing interest in less popular 

art forms. 

One of the fruits is Eztasis 87, 
an experimental festival of con- 
temporary music, held last June 
in Geneva. Aimed at a predomi- 
nantly young, local audiences, 
the concerts nevertheless at- 
tracted many non-Genevese, of 
whom three quarters bad trav- 
elled to the City especially for 
it Curiously, 36 per cent of 
spectators attended the event 
alone, for Geneva is often a 
lonely place for the foreigners 
and non-Genevese Swiss that 
make up two thirds of the popu- 
lation. 

The astonishingly rich cultur- 
al activities, enjoyed by a popu- 
lation slightly smaller than teat 
of Birmingham, is the result of 
generous public and private 
spending and the natural diver- 
sity of the six cantons. In 1987, 
the City of Geneva provided 
some SFr0Om (nearly one fifth 
of its annual budget) to subsi- 
dise the arts. 

An additional SFr2m was ear- 
marked for the encouragement 
of new talent outside of the tra- 
ditional institutions, while the 
world-renowned Suisse Ho- 
rn ande Orchestra received 73 
per cent of its 1987 budget from 
Geneva and a further 3.5 per 
cent from neighbouring Vaud. 
Sponsorship is also on the in- 
crease; the supermarket Feder- 
ation of Migros Co-operatives, 
allocates one per cent of its an- 
nual turnover (Sr83m in 1986) to 
cultural and soifeial activities. 

In terms of commerce, a grow- 
ing interest in fine jewellery 
and liberal tax laws explain 
why all three major British auc- 
tion bouses are present in Ge- 
neva. With the possibility of a 
20 per cent sales tax for EC 
countries from 1992, Geneva's 
6.2 per cent tax (which disap- 
pears when objects are export- 
ed) is a gift. Once again astute 
Genevese have taken advantage 
of a profitable situation. 

When Sotheby's began moving 
major sales from Zurich to Ge- 
neva, their sales figures in- 
creased by over lOO per cent; 
SFr52-5m in 1986, but SFrl20m. 
for the first two sales of 1987. ' 
This, however, included 
SFr75m for the auction of the 
Duchess of Windsor's jewellery. 
Furthermore, the English mo- 
nopoly of tee auction market 
will be broken when the Swiss 
firm of Habsburg, Feldman 
holds its first sales autumn. 

The rumour that the inhabit- 
ants of Romandie disappear af- 
ter nightfall is not altogether 
true. It often depends on tee 
weather. In the summer of 1986, 
over 50,000 visitors attended 
74 free open air concerts in the 
city parks. Summer is a time to 
broaden one’s horizons, even 
for those who choose to remain 
at home. In July and August, the 
Genevese are treated to a series 
of conceits and artistic events 
representing one country. This 
year was devoted to an ambi- 
tious festival of Indian music. 


exhibitions and gastronomy. 

The Swiss are particularly 
good at organising festivals. 
Take for example, the highly 
successful Montreux Jazz Festi- 
val where spectators can enjoy 
a performance from extremely 
comfortable seats; even the in- 
termissions are spiced with vi- 
deos. Another example of Swiss 
organisation is the outdoor Folk 
Festival held in Nyon. This high 
spot of the season for ageing 
hippies, and other docile folk 
fans, comes complete with mul- 
tiple car park facilities and 
drainage systems. In case of 
rain. The Swiss think of every- 
thing. 

But tee cultural scoop of 1987 
must sorely be the move of ciio- 


Citv of Geneva^; cultural budget 


1987 


Theatres/ 

Concert* 


45.9% 

44.039m F.Fr 


reographer Maurice Bejart and 
ballet to 


l 


his ballet to Lausanne This 
laces the Vaud capital in the 
forefront of the ballet scene 
Bejart chose Lausanne in pref- 
erence to other European cen- 
tres because he feels comfort- 
able in this international town 


Other cultural 
4.2% 4.0m F.Fr 



Museums 


36.6% 
35.153m F.Fr 


Libraries 

I 13.4% 12£23mF.Fr 


The Swiss are especially 
good at organising 
festivals from top ballet 1 
companies to catering 
for aged hippies 


with its traditional apprecia- 
tion of the dance. It took tee au- 
thorities a remarkably quick 
three weeks to offer Bejart a 
guaranteed SFt£5m per annum 
with a further million from pri- 
vate donations. 

In short, the performing arts 
are ever popular. The canton of 
Neuchatel, La-Chaux-de- 
Fondes. a town of less than 
43,000 inhabitants, is now cele- 
brating the ISOth anniversary of 
Its theatre, built even before 
.the local hospital The theatre 
'will host a world premiere in 
spring 1988, peformed by no less 
than the Comedie Francaise. 

Geneva’s most popular The- 
atre de Carougef* has seen the 
number of its season ticket 
holders rise from 278 for the 
1980 season to a startling 8470 
in 1987. The system of season 
tickets is particularly well 
adapted to Romandie where 
theatregoers are creatures of 
habit, enjoying tee security of a 
guaranteed ticket, well in ad- 
vance. 

There is an almost family at- 
mosphere at certain events 
where, in true democratic Swiss 
fashion, spectators are asked to 
vote. A recent example is the 
Sunday concerts where music 
lovers chose between' concerts 
at 10.30 am or 5 pm. Ever con- 
siderate of its public, the au- 
thorities had suggestsed 10.30 j 
so that Sunday lunch would not 
be too late. In the event, tee af- 
ternoons carried the vote, prob- 
ably because they allow patrons 
to go ska-ing before the concert. 

The arts also flourish in the 
'Valais. Nights spent listening to 
the apres-ski bore, telling of 
perilous adventures on the 
slopes, will soon be replaced by 
an evening's cultural entertain- 
ment in many mountain resorts. 
Sierre, scene of Europe's sec- 
ond largest cartoon festival, at- 
tracted some 32,000 fans this 
year. Contrary to other cartoon 
festivals, visitors paid an en- 


trance fee to help provide foods 
for next year’s events. 

September 1987 saw the first 
Michel Corboz Festival in his 
native town of Fribourg. This 
festival alternates with the Fes- 
tival for Sacred Music and re- 
ceives a 20 per cent subsidy 
from, the Swiss Bank Corpora- 
tion and 20 per cent from the 
local authorities. Preceding the 
Festival for Sacred Music, some 
200 composers participate in a 
competition, judged by an inter- 
national jury which this year in- 
cludes Harrison Birtwistle. 

Fribourg’s rich religious mu- 
sical inheritance springs from 
its position as seat of tee bish- 
opric for all of Catholic Roman- 
die since 1614. Its university 
boasts an important, interna- 


tional faculty of theology. Fri- 
bourg’s local authorities are al- 
so keen to popularise the 
contemporary arts to comple- 
ment their collection of mediae- 
val art treasures. One such 
event is the International Tri- 
ennial Exhibition of Photogra- 
phy, which receives a grant of 
SFr200,000. With only 40,000 
inhabitants. Fribourg has man- 
aged to produce and enjoy a 
menu of summer festivals rich 
in theatre, dance, classical con- 
temporary music, singing, jazz, 
rock, and children's theatre. 

Although culture in Roman- 
die is often influenced by neigh- 
bouring France, it is clear that 
it also has an identity of its own. 


Habsburg, Feldman SLA 


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Financial Times tfritidy October 2 1987 


APPOINTMENT 


Senior posts at Ev ered Holdings 


EVERED HOLDINGS baa made 
tfae following appointments. Hr 
Barry Croucher, associate direc- 
tor - accounting; Hr i^n Bar- 
lew, associate director - taxa- 
tion; Hr Will Spinney, associate 
director - treasury. In tbe edn- 
struction/quarry products divi- 
sion Br JEeWi Harris becomes 
divisional- finance executive; 
Hr David AUcrsou, managipg 
director, Esfcatt Quarries; Hr 
» Topper, president, Bock- 
vUJe Crushed Stone IntL, US. Mr 
vuKeCrean has been appoint- 
ed chief executive of the house- 
building division. Hr David 
Km becomes chief executive 
of the property division. Hr Mel 
Lloyd has been appointed in- 1 
dustrial division financial exec- 
utive. Hr Mel Hartland has been 
mad e divisional chief execu- 
tive, consumer pro du c ts ; aM 
Hr Paul Rabene, divisional' 
chief executive, metal fo rming 


ing and residential care arm of rector of Kleinwort "Grieveson 
the group. Securities. 

Mr CLAGersWmOH has been ap- MASTERLINE SYSTEMS has 
pointed managing director of appointed Hr David Teffi as 
PALMERSTON INVESTMENT managing director. 

TRUST. Hr BLFielding becomes * 

non-executive deputy chair- lb- Maxwell Creasey has been 
man. appointed chairman ofEANQV- 

- . * ER PROPERTY UNIT TRUST, 

Mr Peter Bicharff has been, ap- Hr Robert Prey and Hrs %fhil 
poin ted m anning director of -Bowden have joined the board. 
WALTER JUDD PUBLIC BELA- Mr Create? is a nonexecutive 
TIONS. He joins from director of Associated British 

SUames’s Public Relations . Ports Holdings, Grainger Trust, 

* and Haslemore Batatas* Hr 

D.CCOOK HOLDINGS, Rotiffov Proy is the deputy managing di- 
ham, has appointed Hr Gerry rector of Lloyds Bank Stockbro- 
Hart as Senior financial control- kers, and Mrs Bowden is a di- 
ler to supervise the operations rector of BUM Property 


- - M 

Hr Peter BkStaeH has been , ap* 
poin ted m an wane director of 
WA LT’JSK J UUP PUBLIC RELA- 
TIONS. He joins from 

SUames’s Public Relations 

D.CCOOK HOLDINGS, Rotiffov 
ham, has appointed Mr Gerry 
Hart-as Senior flMBeia] control- 
ler to supervise the operations 
of its national contract hire and 
leasing division. He was chief 
accountant of Godfrey Davis Eu- 


w 

Mr Tsunetj Mural has been ap- 
pointed branch general manag- 
er for MID LAND MONTAGU 
SECURITIES, Tokyo, Midland 
Bank Group’s securities arm in 
Japan. He was mana gin g direc- 
tor for ihternatioEuu equity 
business at Century Securities. 

* 

At SKF & DORMER TOOLS 
(SHEFFIELD) Hr Pat ft ndn* 
will retire on December 31, 
when Hr AJX Williams will have 
taken over as director of sales. 

Hr EJ.WerUdge has been ap- 
pointed a non-executive direc-. 
tor of THE RUGBY. GROUP. Be 1 
is a director of BJLTJndustries,. 
and chairman and chief execu- 
tive of its wholly-owned subsid- 
iary, The Wiggins Teape Group. 

* 

Hr Murray Stuart has been ap 
pointed a nonexecutive direc- 
tor of SAVE & PROSPER 
GROUP. He is group impinging 
director of Metal Box. 


Joining 

Amstrad 

board 

Mr Jwe Lids Dominguez and Ms 
Manwa Vanaler have been ap-* 
poin ted to the board of AM- 
STRAD. Mr Dominguez founded 
Indescomp, Amstrad’s Spanish 
distributor which the com pa ny 
has now. acquired and. renamed 
Ams trad Espana. Ms Vannier is 
chief executive of Amstrad In- 
ternational, . the company's 
wholly-owned Fre nch . subsid- 
iary. 

Mr Ch ri s to p h er ncUea and Mr 
ffichid Kettle, members of the 
Gallaher group executive, have 
joined the board of GALLAH- 


Mr Richard Graves and Mr Rieh- 
urd Hawkins have been appoint-' 
ed to the board of SECUBICOR 
INTERNATIONAL. Mr Gtaves 
is chairman of Secnricor Eu- 
rope, and Mr Hawkins becomes 
ftnuTioini director of Secnricor 


FIRST MORTGAGE SECURI- 
TIES as an executive director 
with responsibility for treasury 
activities. FMS was set up earli- 
er this year by Morgan Grenfell 
and Co„ Bank of Scotland, GEC( 
Financial Holdings, and F. &| 
(^Enterprise Trust to develop a 
residential mortgage lending 
business in tbe UK, funded ini- 
tially in the wholesale money 
markets and later through se- 
curitisation . 

* 

Mr Mark Smith, formerly man- 
aging director of Homequity, 
bias joined the personal KanHwg 
operations of KLEINWORT 
BENSON. S 

* i 

Mr Roger Etymas will be joining 

the BURTON GROUP- this 
month as managing director of 
Nationwide Credit Corporation, 


sen who has left the company.' 
Hr Hymas is vice-president and 
general manager of the finan- 
cial services division of Axneri- 


Hr (XM. Wigan has been ap- 
pointed chairman of SOLENT- 5 
BURY INVESTMENTS. He 
joins from City. Merchants Bank. 

* 

Mr. Walter Hatfldd has been ap- 
pointed a director of HABtWOR- 
THY ENGINEERING, part of 
the Powell Duffryn Group, and 
general manager of the pump 
and compressor division from 
November L He was director' 
and general manager of Ham- 
worthy subsidiary Wiliams and 


Tbe law firm NABARRO NA- 
THANSON has appointed Dr 
Jehu Hooper to the new post of 
chief executive, responsible for 
tbe .direction and management 
of all support services. He joins, 
from the Chartered Institute of 
Building, where he wad chief 


Mr Peter Menaghan has been 
appointed group marketing di- 
rector of DOLLOND & AITCHI- 
SON. He was chief executive of 
Storecard,- credit card aim of 
tbe Storehouse Group. 

KWIK FIT HOLDINGS has ap- 
pointed Mr Peter Holmes to the 
main board as marketing and 
advertising director. He has- 
been with the company since 


Mr Richard Meekness, company 
secretary, has joined the board 
ofMTM. 


pointed chief executive of the 
RAC MOTOR SPORTS ASSOCI- 
ATION. He was managing direc* 
tor of Oommunicatibn 

Group’s adv&ztisiag and support 
division, Bros. 

* 


Mr Tim Jones has been appoint- 
ed head of marketing and Mr 
Barry Smit h he ad of broker 
sales at SENTINEL LIFE, 

McCarthy a STONE has ap- 
pointed Mr John Dewdr as per- 
sonal director . for group ser- 
vices. He joins from B&Q Retail 
whefe he .Was personnel con- 
troller. Hr Geefgfe" Win has 
been appointed managing di- 
rector of BomelifS Care, mirs- 


(previdusly Millard Homes) has 
appointed Mr Gorlin HAatth as 
managing director. He joins 
from HaSsall Homes house- 
building division which is part 
of Ralne Industries where be 
was technical diirecton 

* 

Mr John Hteteu and Mr ifm 
Bur a it have been app ointed. to 
the board of BROAD STREET 
ASSOCIATES PUBLIC RELA- 
TIONS. Mr Jdfcn Stetetis has 
joined tHe bated as director of 
invstar relations: He was a dP 


LEWIS & PEAT HOLDINGS has 
made the following changes in 
its subsidiary Wilson, Smlthett 
& Cope. Mr R.C. Watts becomes 
.mw waging director; Mr LXfepfe 
remains on the .board as a non- 
executive - . director; Ur 
C.A J.Bloggg, Mr DX.Cewley, Mr 
D-Feasby and Mr DXandais 
have betel appointed directors. 
NkWJLPUllipg, formerly man- 
aging director, will be Joining 
theboard Wilson, Smithett £ 
Cope '(Sugar), and Galbdn Lobo 
(England). He is taking up wider 
responsibilities within the 
group and will become ad advis- 
er to the chief executive for the 
international development of 1 
Lewis & Peat’s coffee and Cocoa 
h«Mi«m«. Mr J J-J.Whee l e r has 
become group HmndA direc- 
tor: 

CENTRAL AND CITY PROPER- 
TIES has appointed Mr AhdteW 
Cates to the newly-created post 
of finance director. He was fi- 
nance director of Solagias UK- 
construction division. 


Mr Stephen East, deputy trea- 
surer, has been appointed 
group treasurer of REDLAND 
from December 1, following the 
resignation of Mr Garete Junes 
who is -joining the board of 


Gateway 

marketing 

director 

THE DEE CORPORATION has 
made tbe following appoint- 
ments to the Gateway board. Mr 
Ian WMsey becomes 
director. He was with Haymar* 
feet .Management Consultants. 
Mr Bab Willett has joined the 
board as nonfood director. He 
was operations director of 
Owen Owen. Following these 
changes, Mr Dadd Fisher, who 
became joint managing director 
of Gateway at the time of inte- 
gration with Carrefour, will 
take up broader responsibili- 
ties with The Dee Corporation 
as group marketing director, 
based in Milton Keynes. 

h- 3 ^ ■■ ■ 

le % _ ■ ■ A 

HOUDAY AND TRAVfi. - ] 
ADVERTISING 
Is pobfltfiod ok 

Wednesday & 
Saturday 

for details of Advertising. 


Hates contact: 

Detadre Venables 
Financial Times. Bracken House, 
10 Cannon St, London. BMP 4 BY. 
Telephone: 01-248 8000. Ext 4657. 




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I O O' > 

Now the best UK distribution 
solution is either Federal Express 
or Federal Express. Or both. 


Federal Express Priority Services 

Through a growing network of strategically 
located distribution centres, Federal Express 
Priority Services offers a comprehensive range 
of express delivery services, both in the UK 
arid worldwide. 

Whether you require a time critical guaranteed 
service, a reliable, economical 2-3 day service 
or anything in between, Federal Express 
Priority Services has ttte capability to precisely 
rheet your distribution requirements. 


Federal Express Systemline 

As a market leader in contract efistribution, 
Federal Express Systemline provides clients 
with Logistics Management encompassing 
every aspect of physical distribution. 

From a small fleet of dedicated vehicles, to 
a large warehousing and distribution scheme. 
Systemline operations are designed to suit each 
client's individual requirements, whilst advanced 
computer-based technology ensures accurate 
(X>nt^andciiemspec^m^iageiT)entif^ormation. 




Express parcels services or total physical distribution, 
you will find the solutions to your problems on Stand No. R279/284. 
at the Distribution Services Show, Wembley 6th-8th October. 
Alternatively phone 100 and ask for Freephone Federal Express. 


%.r ■ — l » i . „ 


» 


The Best Results Require Speed and Controlled 

Risk Management.” 










Formula drivers must make 
the right decisions. 

"You have to take into account your 
speed, the tightness and gradient of the 
bend and the length of the straight You 
have to be aware of the condition of 
the track and feel the grip of the tyres. 
You have to know when to brake and 
when to step on the gas. You have to 
decide when you can overtake and 
when you can't \bu have to be able to 
interpret the service and pit signals cor- 
rectly. You have to know a hundred and 
one other things as well. It is the only 
way to guarantee safe and reliable 
racing." 

■ 

Oil traders must know when to 
choose the best offers. 

"in the trading business, time is often 
the decisive factor. That’s why you 
always have to haveyourfinger on the 
pulse of the market You have to be 
aware when prices are dropping some- 
where in the world or if they are rising 
somewhere else. And you have to be 
able to act swfftfy. Neste Trading now 
has a direct on-line connection with its 
offices covering the world: New York, 
Houston, London arid Tokyo." 

Eijo Malmrvina, 

Senior Vice fVesident, Neste Trading. 


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"ft ts extremely important to interpret correctly the signab which are given to you. 
This s true for both rating and trading." 






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The success of Neste Trading Is based on skill, reliability 
and customer service. 


In spite of its relatively young age 
Neste Trading is already one of the 
world's largest trading companies. Its 
main fields of activity are supply of crude 
oil to refineries, exports of refined oil 
products and bitumen products, crude 
oil trading, oil product trading and coal 
trading. Thanks to its professional skills 


and experience Neste Trading mini- 
mixes the risks for its customers and 
guarantees accurate deliveries accord- 
ing to each customer's individual 
orders. This is further facilitated by the 
company’s own fleet and its special 
expertise in the exceptional conditions 
of the Baltic and Arctic waters. 


Neste Trading is an important part of the internationally 
expanding Neste Corporation. 


Neste is the largest oil refiner and 
chemicals manufacturer in Scandinavia. 
Neste Trading is one of the world's 
leading oil traders, with well established 
operations in Europe, the USA and the 
Far East 

Neste Chemicals is one of the biggest 


pet roc 


poly- 


x- 


Neste Trading at your service: 

FINLAND: 

Neste Oy; Neste Trading 
Keilaniemi, SF-02150 Espoo 
Tel. +358-0-45.01, telex 125867 

1APAN; 

Nesle Petroleum (Japan), Co.. Ltd. 
Yatsuka Building, 

1-chome, 3-8 IHigashi Azabu ■ 

Minato-ku. Tokyo 106 

Tel. +81-3-5822021, telex 2424601 

UNITED KINGDOM; 


Neste Petroleum Ltd. 

30, Charles II Street 
St James' sq. 

London SW1Y 4AE 

Tel. +44-1-9307333, telex 297205 

USA: 

Neste Petroleum fnc. 

Five Post Oak Park. Suite 1220 
Houston, TX 77027 
Tel. +1 -713-6226410. telex 763409 
Neste Coal Corp. 

1 Rockefeller Plaza, Suite 1708 

New York. NY 10020 

Tel. +1 -212-9772546. telex 961740 

Neste Oy, Corporate Head Office; 
Keilaniemi. SF-02150 Espoo, Finland 
Tel. +358-0-4501 


styrene, polyesters and industrial 
chemicals. 

Neste Shipping owns the most modem 
fleet in the world specializing in the trans- 
portation of crude oil, oil products, gas 
and chemicals in exacting arctic waters. 
Neste Battery 's production programme 
includes starting batteries, industrial 
batteries, and complete auxiliary power 
and solar energy systems. 



Neste means or7 refining and trading. 


Neste means chemical industry. 


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Neste means shipping. 


*S* -- 


rtototoil' i-AtfcjMfotofoM 


Nesre means batteries and awdhor power 
systems. 




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NESTE 

Oil & Chemicals 


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Friday October 2 1987 


ONCE AGAIN, WFVi BEEN VOTED THE WORLD’S BEST, ALLROUND Al 


IT 


London Singapore non-stop daily. 


The ■world’s most modem fleet, 




















22 


Financial Times Friday October 2 1987 


THE ARTS 




g^^abitions 

LONDON 

Thtr Tale Gallery. Turner in the new 
Clore Gallery: The Tomer Bequest, 
which amounts to nearly 300 oil 
primings, finished and unfinished, 
and a further 19.000 or so watercol- 
ours and drawings, has been a 
source of controversy and dissen- 
sion over since it came into the na- 
tion's hands more than 130 years 
us;*. Turner had always wished for a 
giilcry io himself which would show 
all aspects of his work. Whether he 
would have approved of James Stir- 
ling* extension to the Tate as a suit- 
able sorting is a nice question. The 
lumper paintings may be hung too 
for one who lived in a more os- 
icziutious age. and the tasteful oat- 
meal Stirling has decreed for the 
principal galleries is a far cry from 
ih* ni.h pJum he is known to have 
referred L The vulgar neo-deco of 
ilio entrance hall has little to recom- 
mend iL But eight rooms for paint- 
ing and one for watercolours give 
room enough, and with the three re- 
vive galleries upstairs, every paint- 
ing but the few in restoration or on 
loan is on the wall. 

PARIS 

Bifaliciheque National?: Fine Prints in 
France from the 16th to the 19th 
C-ntury. More than 200 impressions 
ol exceptional quality from the print 
department of the Bibliolheque Na- 
tional? show the infinite possibili- 
ty of artistic expression through 
varied techniques of printmaking. 
The panorama ranges from early 


engravings showing strong Flemish, 
German and Italian influence to the 
majestic Grand SKde style under 
Louis XIV, from Boucher's pestet- 
hued sujects galanu to the mod- 
ernity of Toulouse-Lautrec and the 
striking colours of Bonnard. Biblio- 
theque National©, Galerie Mansart, 
58 rue Richelieu. Ends Nov 2. 

Fragonard: The Grand Palais is stag- 
ing the first retrospective of Frago- 
nard in collaboration with the Met- 
ropolitan Museum, New York. 
About 100 paintings and as many 
drawings celebrate the artist's love 
of beauty, in which he saw a mani- 
festation of “natures perfect 
health”. The depth of observation in 
his Roman landscapes, mythological 
scenes and portraits counterbal- 
ances the decorative facility of the 
Scenes Galan tes so typical of the 
28th century. Grand Palais. Ends 
Jan 4. 

Artcurial presents a panorama of 12 
years of its activities in favour of 
contemporary art as a gallery, a li- 
brary and as an editor of “multiple 
originals" of statues and jewels, con- 
temporary furniture, Sonia Delau- 
nay's personal dinner plates and a 
1030 carpet The gallery's exhibi- 
tions have tried to present the im- 
age of the 20th century. Sonia De- 
launay was followed by Giorgio de 
Chirico, Zadkine's retrospective by 
Man Ray photographs. There was 
sculpture by Chadwick and the art 
of the poster by Matisse. All culmi- 
nated in a homage to the late Presi- 
dent Pompidou - like Artcurial a 
lover of the avant-garde. Artcurial, 9 
Ave Matignon (4299 1616). Ends Nov 
14- 

WEST GERMANY 

Bonn, Rhelnisches Landesmuseum, 
ColmantastraBe 14-16: Sculpture 
from the German Democratic Repu- 
blic (East Germany). A result of the 
cultural agreement of May 2986 be- 
tween East and West Germany, this 
exhibition includes 130 sculptures, 
some of them larger than life, and 
about 60 paintings of sculptures by 
52 artists, and covers four decades. 
It offers a view of graphic works 
that have not even been seen in 
East Germany before. Among the 
artists are Gustav Seitz, Fritz Crem- 
er. Werner Stotzer, Hermann Glock- 
ner, Wal deman and Sabine Grzi- 


mek. lngeborg Hunzinger and fYan- 
ziska Lobeck. The show will be In 
Bonn until October 18 and then to 
Munich (Staatsgalerie modemer 
Kunst, Nov 5- Jan 3) and Mannheim 
(Stadtische Kiwsthalie, Jan 23-Feb 
21 ). 

BiUesfadiiii Roetner- iffld Fetizaeus- 
Museum, Am Steine 1-2. Egypt's 
rise to a World Power Mote than 
300 pieces loaned by 20 museums in 
Europe. Africa and America - the 
first presentation of the most impor- 
tant 150 years 1590-1400 BC of the 
New Empire in Egypt. The bust of 
Pharaoh Thutmosis III, discovered 
in 1907 without a face, can be seen 
complete in Htideshpim. The face, 
found In Egypt only 20 years ago, 
was loaned by a Cairo Museum. An- 
other highlight is a reconstruction 
of the 3000 year old burial chamber 
of Se nnefer, fibe former mayor of 
antique Thebes. Clothes, household 
appliances, tools, cosmetics and jew- 
ellery illustrate the everyday life of 
Egyptian citizens. Ends Nov 29. 


ITALY 

Bone; Two exhibitions which opened 
to coincide with the World Athletics 
Championships in Rome. The first, 
(until November 15). Athla and Ath- 
letics in Classical Greece at the Pal- 
azzo dei Conservatori at the Campi- 
dogtio recounts the religious origins 
of this sport in Greece and includes 
a handful of fine statues (including 
t3se extraordinarily modern discobo- 
lus of Caste! Pbraano) and vases, 
while the second, at the Uuseoddh 
Civil ta Roman* (Piazza G Agnelli 
10, Eur-Rome), entitled Sport in An- 
tiquity recounts how the g a m e s 
gradually became an amusement 
for the masses and a means of self- 
advertisement far emperors. The 
museum in which it is housed is 
little-publicised and full of fascinat- 
ing objects (Roman surgeons’ and 
obstetricians’ tools, weights and 
meansures and scale models of 
bridges, viaducts etc.). Ends October 
25. 

Venice: Ala Napoleonica and Museo 
Corren 'Matisse and Italy*: over 250 
works by one of most poetic of 20th 
century French Painters. The exhi- 
bition includes paintings, drawings, 
and Matisse's entire output of sculp- 
ture (75 pieces in all), lent by private 


public collections in France and 
America, and the Musee Matisse in 
Nice. Pie r re Schneider, the organiz- 
er, has att em p te d to show how the 
works of Italian painters such As 
Mantegna, Follaiolo, Giorgione and 
Veronese may have influenced Ma- 
tisse. Until October 18. 

Venice: Palazzo Grasst Jean Tinguely: 
1054-1967: The jokey mechanical 
sculpture of Swiss artist Jean 
Tinguely. A gentler, but still mis- 
chievous, version of Salvador DaU, 
Tinguely describes some of his in- 
credible moving sculptures (all built 
from refuse iron and steel) as “ma- 
chines a sentiments,” and the com- 
plexity And sheer improbability of 
his works communicate a touching 
“joie de vi vre.” Over 300 works are 
on show, lent by American and Eu- 
ropean museums, with photographs 
of his first Self-Destructing Sculp- 
ture. Homage to New York, which 
duly self-destructed in the gardens 
of the Museum of Modern Art in 
New York in 2960- Ends Oct 18. 

Cremona; Masterpieces by Antonio 
Stradivari: Ln honour of the greatest 
violin-maker ever, who died 250 
years ago aged 93. About 50 instru- 
ments are on show including one of 
the ten surviving inlaid instruments 
- a violin outlined front and back 
with a delicate frieze of ivoiy 
squares and diamonds and a harp, a 
violin and a wooden violin case 
covered with leather and studded 
with nails forming on elaborate pat- 
tern on the lid- The exhibition has 
been organised by Charles Beare in 
collaboration with the Italian archi- 
tect Gee Aulenti to coincide with the 
Cremona Music Festival at which 
Stradivari instruments will be play- 
ed. Ends Oct 7. 

SPAIN 

Barcelona: “Leonardo da VincL Nature 
Studies” 50 drawings on loon by the 
Royal library at Windsor Castle, 
shown recently at the Metropolitan 
Museum, Stockholm and Tokyo. 
Centro Cultural La Caixa, Paseo de 
San Juan 108. Ends Nov 8. 

Madrid: “Beuys, Klein and Rothko. 
Transformation and Prophecy”. 
Centro Cultural de la Caixa, Serrano 
60, Ends Nov 8. 

Madrid: “Ouka Lele 1977-1987”. A ret- 
rospective of Madrid's "movida,” 
photographer with her colouring ef- 


fects, shows her latest controversial 
piece “tibeles” requested by Ma- 
drid’s town hall, halting the capital 
city's main square and causing a tre- 
mendous traffic jam last summer. 
Museo Esponol de Arte Contempor 
aneo, Avda Juan de Herrera. Ends 
Nov 3. 

Madrid: “Mark Rothko 1903-1970". 54 
works by North American artist of 
Russian origin grouped with de 
Kooning and Pollock. This show 
was seen recently at the Tate in 

. London. Fun dad on Juan March, 
Costello 77. Ends Jen 5. 

Madrid: “Mies van der Rohe*. 190 
drawings by the architect to com- 
memorate his birth was prepared by 
the Art Institute of Chicago and 
shown in Frankfurt and Paris last 
Sala Mopu, Nuevos Mlnlsterios. 
Ends Nov L 

MEW YORK 

Metropolitan Museum: 200 objects 
from the Age of Sultan Suleyman 
the Magnifident demonstrate the 
wealth and skills at the high pointed 
the Ottoman empire in the six- 
teenth century through the large se- 
lection of illuminated manuscripts, 
the imperial wardrobe, ceramics 
and jewel-encrusted weapons. Ends 
Jan 17. 

Center lor African Art: Angles on Afri- 
can Art features ten cxhcurators, 
ranging from an African tribesman 
to collector David Rockefeller, each 
of whom chose ten of their favourite 
pieces, making & well-rounded and 
diverse show. Other curators are 
writer James Baldwin, artists Nan- 
cy Graves and Romare Bearden and 
curator William Rubin. Ends Jan 3. 

IBM Calleiy: Post Modem Architectu- 
ral Visions includes an international 
array of designers including Mi- 
chael Graves, Hans Hollein, and 
Adolfo Natalini with 200 drawings 
and models of work from 1980 to 
1985, originally organised by Wil- 
liams College and Deutsches Ardd- 
tektuzznuseum in Frankfurt. Ends 
Nov 7. 56th It Madison (407 8100). 

CHICAGO 

Art Institute: Walker Evans photo- 
graphs of the 1930s showing poverty 
and despair in the American South 
were famous in their time in life 
Magazine and preserved in James 


Agee's moving book. Let Us Now 
Praise Famous Hen. This exhibit is 
a reminder at a time of renewed 
despair in die American hea rQ*nA 
of the scope and depth of Evans’ 
work originally done for the Farm 
Security Ariwri niffr atlnn Bnilt Nov 
8 . 

WASHINGTON 

National GaDety: A Century of Mod- 
ern Sculpture, the Patsy and Ray- 
mond Nasher Collection, contains 
major works by Rodin, Picasso, Ma- 
tisse, Gabo, Giacometti, Ernst, 
Moore and Sena. End* Jan 3. 

Hirschhorn Museum: One of the Chi- 
cago contemporary primttivists 
whose repeated scenes make evoca- 
tive images has his first major east 

coast retrosnective with 49 paint- 
ings and four painted constructions. 
Ends Oct JUL 

TOKYO 

Buddhist Art f rom [55 

works, mainly sculptures in stone, 
bronze and day comprise this major 
exhibition of Thai art - the first on 
such a scale outside TTmUand. The 
pieces, from 2JN0 BC to the 29th 
century, rep re sent the main period 
or Thailand’s history. Tokyo Nation- 
al Museum, Ueno Park- Ends Oct 4. 

European Nature in 18tb Century Jap- 
anese Ait. This exhibition is ol Japa- 
nese art inspired by Dutch manuals 
imported into Japan in the early 
18th century after the Japanese 
Government lifted its 2O0*year-old 
ban an foreign materials. The 160 
paintings and sketches of European 
flora, fauna and people throw some 
more tight on the Japanese pheno- 
menon - information-hungry 
seeking to catch up with the West 
from the first slight opening of the 
door to the outside world in 1720. 
Suntory Museum of Art, Akasakam- 
itsuke. Ends October 25. Clo s ed 
Mondays. 

Rosapfin KU&ojl Ceramics: With Shoji 
Haoada this potter is recognised as 
one of Japan's important potters 
working in the folk tradition - ben- 
efiting from the influence of Eng- 
land's Bernard Leach. There are 150 
interesting works and the design of 
this modern new museum and its 
parksetting are noteworthy. Setag- 
aya Art Museum. Ends October 18. 
Closed Mondays. [ 


Theatre 


NEW YORK 


Fences (46th Street): August Wilson 
fait a home-run, this year’s Pubteer 
Prize, with James Earte Jones tak- 
ing the powerful lead role of an old 
baseball player raising a family in 
an industrial city in the 1950s, try- 
ing to improve lot but clogged by Us 
own tellings. ( 221-1211). 

Cate (Winter Garden): Still a sellout, 
Trevor Nunn's production of T.S. E3- 
liot’s children's poetry set to trendy 
music is visually startling and 
cboreographicaliy feline, but classic 
only in the sense of a rather staid 
»nd overblown idea of t heatri cality. 
(2386282), 

42nd Street (Majestic): An immodest 
celebration of the heyday of Broad- 

’ way in the ’20s incorporates gems 
from the original Rlm Gfce Shuffle 
Off To Buffalo with the appropri- 
ately brash leggy hoofing by a 
large chorus Hue. (977 9020). 

A Chorus line (Shubert): The longest- 
running musical ever in America 
has not only supported Joseph 
Popp's Public Theater for eight 
years but also updated the musical 
genre with its backstage story in 
which the songs are used as wsdi- 
rather emotions. 

(239 6200). 

La Cage am Folks (Palace): With 
some tuneful Jerzy Herman songs, 
Harvey Fterstein's adaptation of the 
French film manages, barely, to cap- 
ture the feel of the sweet ami hilar- 
ious original between high-kicking 
and gaudy chorus numbers. 
(757 2828). 


WASWK5TON 

leaking the Code (Eisenhower De- 
rek Jacobi brings his role of Alan 
Turing to America. Finds Oct 3L 
Kennedy Center (254 3870). 
ed Noses (Goodman): The American 
p remie re of Peter Barnes’ medieval 
vaudeville comedy pits Father Flote 
{Ivar Brogger) against the plaque 
with his remedy of humour. Ends 
Oct 3L (443 3800). 

abaret (Opera House): Hal Prince 
? E nin directs Joel Grey as the seduc- 
tive master of ceremonies in a 
Broadway-bound revival of the evoc- 
ative musical of Berlin life in the 


©per a and Ballet 

WEST GERMANY 

Berlin. Deutsche Open Oedipus, spe- 
cially composed for the Berlin Op- 
era by Wolfgang Rihm, and pro- 
duced by Gdtz Friedrich, will have 
its "acrid premiere this week, with 
Andreas Schmidt leading the cast 
The Munich Bayerische Staatsoper 
giving a guest performance of 
Cudillac. a Ponneile production with 
Maria de Francesca, Doris Soffel 
and Donald McIntyre. To round off 
ihe week Margaret Price is giving a 
lied or recital, accompanied by Wolf- 
cmi: Sawaliisch. of songs by Mo- 
zaru Schubert. Mahler and Strauss. 

Hamburg, Staatsoper Der Rosenkava- 
lier stars Lucia Popp. Hildegard 
Hurtwig, Heseon Kwon and Kurt 


Moll, and Die Meistersinger von 
Numbers Helen Donalh, Bemd 
Weikl and Kurt RydL The Nutcrack- 
er. choreographed by John Neumei- 
er. returns to the repertory. 

LONDON 

English National Opera, Coliseum: 
The Pearl Fishers, an opera in 
which beautiful music makes good a 
weak story, has been well cast- Val- 
erie Masterson, Adrian Martin, and 
Sergey Leiferkus make a very 
strong principal trio, and Charles 
Mackerras a superb conductor, the 
production and designs by Philip 
Pronse are a failure, but not a da- 
maging one. Further performances 
of Sondheim's Pacific Overtures - 
despite flaws and production clumsi- 
nesses, a valuable addition to the 
repertory. Reviewed this week is 
the ENO production of Werther 


from 1977, with Arthur Davies and 
Ann Murray new in the leading 
roles. 

Sadler’s Weds, Rosebery Avenue: The 
Thai Dancers here (until October 
10) is the only dancing in London 
this week. 

NETHERLANDS 

Amsterdam. Muziektheater. The Neth- 
erlands Dons Theater with Parspet- 
tivo. a new full-length ballet by Jiri 
Kyiian to music by Berio (Tue). 
Premiere of the Netherlands Opera 
production of Verdi's Don Carlos di- 
rected by Alberto Fassini to the 
mise-en*sc6ne by Luchino Visconti. 
Hartmut Haenchen conducts the 
Netherlands Philharmonic, with 
Neil Rosenshein in the title role 
with Susan Marie Pierson, Harry 
Peelers and Mimi Leraer (Thor). 
(255455). 


ITALY 

Horace: Te&tro Comnnale: Piero Fag- 
giano's new production of Mussorgs- 
ky's Boris Godunov, sung in the 
original Russian, with Italian subti- 
tles. The cast includes Lucia Valen- 
tini Terrain, Walter Donati, Stafford 
Dean, Robert Lloyd and Dimiter 
Potkov, conducted by Myung-Whun 
Chung (Sun, Tue, Tbur). (277 9236). 

Bologna: Te&tro Cbmunale: Puccini's 
Ttaca conducted by Gianhiigi Gd- 
metti and directed by Giancarlo 
Gobelli, with Raina Kabazvanska. 
SUvano Carroli and Nicola Martha 
tied (Sat). (52 9999). 

PARIS 

Stephen PdnnKo dances in the frame- 
work of the Festival dTAntomne at 
the Centre Georges Pompidou 
(42771233). 


Swan Lake hi Rudolf Nureyev’s chore- 
ography conducted by Ashley Law- 
rence/Miehel Queval with Isabelle 
Guerin/Elisabeth Maurin/Sylvie 
Gufflem/Qisabeth Plate! and Go- 
tilde Vayer alternating in the rale of 
Odette/Odile and Laurent Hilaire, 
Rudolf Nureyev, Charles Jude. 
Jean-Yves Lonn e a n and Manuel Le- 
grisin that of Siegfried. Paris Opera 
(4742 5750). 

PucemFs D Trittico; Opera Conuque 
(4742 5371). 

NEW YORK 

Metropolitan Opera (Opera House): 
The week features L/EEsir cfAmore 
conducted by RaKWeikert in Natha- 
niel Merrill's production with Dawn 
Upshaw, Carlo Bergonzi and Brian 
Scfaexnayden Otello, conducted by 
James Levine in Franco Zeffirelli's 
production with Kiri Te Kanawa 


and Pladdo Domingo; Mason, con- 
ducted by Manuel Rosenthal in 
Jean-Fterre Ponnelle's production 
with Catherine Matfitano and Attre- 
do Kraus; and Ariadne aui Naxos, 
conductor James Levine in Bodo 
Igesz production with Jessye Nor- 
man, Kathleen Battle and Tatiana 
Troyanos. Lincoln Cen te r (382 6000). 

FeM Ballet (Joyce): Two new ballets, 
Embraced Waltzes and A Dance for 
Two, highlight the mixed pro- 
grammes of this 22-dancer company 
in its montlHong season. Ends Oct 
31. 115 Bth Av at 19th SL (242 (M0). 

WASMNGTON 

Houston Ballet (Opera House). Mixed 
programmes in the wed long visit 
inchicte Etudes, Robdin and BartoJk 
Concerto. Ends Oct 11. Kennedy 
Center (254 3770). 




Left Mbfinbfas. After London and 
New York, now Tokyo and the Japa- 
nese version of the Tony-award win- 
ning musicaL The cast was hand- 
picked by toe creative team of pro- 
ducer Cameron Mackintosh (from 
an astounding 11,500 hopefuls), then 


trained for nine months in a special 
“ecole" and rehearsed by director 
John Cainl. Costumes, ret, sound, 
lighting have been supervised by 
the respective original designer 
flora in from London. Toho's Lea 
Miserables is a triumph. The best 
production of a Western musical in 
Japan, it differs little from the origi- 
nal London version. Convincing and 
moving, this top-quality production 
shoos what can be achieved with 


proper casting and training. Spon- 
sored by the cosmetics company. 


Shiseida Imperi al Theatre, near 
Ginza. (2017777). 

Noh by Torchlight (takagi NohV Ideal 
for the toreiy cod autumn evenings, 
this thxeatre by firelight offers a 
rare chance to experience Noh in its 
original outdoor setting. The effect 
or strategically placed fire caskets 
around the darkened stage is per- 
fect for its other-worldly atmos- 
phere. Yoroboshi is about a reconcil- 
iation between a father and his ban- 
ished son who becomes a beggar- 
priest, and is followed by the kyog- 
en comic piece, Tsuto Y amab us fa. 
The pocket books A Guide to Noh 
and Guide to Kyogen (available at 
hotel bookshops), give the plots. Ht- 
biya City Plaza, near Ginza. fThur). 
(237 999ft 595 0295). 


LONDON 

Antony and Cleopatra (Olivier): Pete r 
Ball's best production for the Na- 
tional Theatre he leaves in 1988 
b rings this great but notoriously dif- 
ficult play to thrilling life, with Judi 
Dench axxi Anthony Hopkins as bat- 
tle scarred lovers on the brink of old 
age. Dench Is angry, witty and ulti- 
mately moving. Best of the rest at 
the NT is Michael Gamboa giving 
his finest ever performance as Ar- 
thur Miller's doomed longshoreman 
in A View from toe Bridge; Juliet 
Stevenson in a fine revival of Lor- 
ca's Yerma; and David Hare's pro- 
duction of King Lear, Hopkins, a 
massive gnarled oak, which gathers 
force and more friends as vt contin- 
ues in the repertoire (928 2252). 

The Flmiitom of the Opera (Her Maj- 
esty's): Spectacular but emotionally 
nutritional new musical by Andrew 
Lloyd Webber emphasising the ro- 
mance in Laroux's 1911 novel. Hap- 
pens in a wonderful Paris Opera 
ambience designed by Maria Bjora- 
son. Hal Prince’s alert, affectionate 
production contains a superb cen- 
tral performance by Michael Craw- 
ford. A new, meritorious and pal- 
pable hit (8392244, CC 
3796131/240 7200). 

Hie Balcony (Barbican): Sadly dated 
and heavy-handed opening to the 
RSCs Genet retrospective, not help- 
ing to fight suspicions that the RSC, 
certainly in London, is stretched 
way beyond its creative capacities. 
Terry Hands directs, Farrah's set 
looks like a cheap pink brothel and 
the actors, a dull lot, clump around 
on high boots in big bulging cos- 
tumes. (628 8795). 

Follies (Shaftesbury): Stunning reviv- 
al. directed by Mike Ockrent and de- 
signed by Maria Bjomson, of Sond- 
heim's 1971 musical in which poi- 
soned marriages nearly undermine 
an old burlesque re-union in a 
doomed theatre. Four new songs, 
improved book by James Goldman. 
Cast led by Dolores Gray, Julia 
McKenzie, Diana Rigg, Daniel Mas- 
sey. All good. (379 5399V 

Serious Money (Wyndhaxn's): Transfer 
from Royal Court of Caryl Chur- 
chill's slide City comedy for cham- 
pagne-swilling yuppies: how the Big 
Bang led to class tumult and bar- 
row-boy dealings on the Stock Ex- 
change Hot and livid, but new cast 
deemed less good. (8363028. CC 
3796565). 

Continued on Page 25 


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If you thought this first section was going to be a regurgitation of 
that old chestnut about mice terrifying elephants, you can relax. As it 
happens, elephants do tend to be afraid that rodents might run up 
their trunks — but it is highly likely that the h umb le mouse once played 
a far more significant role in the history of the world. 

Various theories have been put forward to explain why the 
dinosaurs died out 65 millioxi years ago, such as: raids by hunters in 
flying saucers; a lack of room in Noah's Ark; a lemming-like mass 
suicide by all species everywhere at theaame time; and even 
Taleoweltschmerz’ (Leu the dinosaurs became so disillusio ned with 
their worid that they died of sheer. boredom). 

However, a somewhat more plausible reason for their extinction 
is that small shrew-like mammals ate their eggs. 

Being warm-blooded animals, the Ymce’ were able to pursue a 
nocturnal way erf life, whereas the cold-blooded dinosaurs, whose body 
temperatures depended on the outside environment, could not The 
rodents could therefore have devoured their unguarded eggs with 
impunity, depleting their numbers until they died out . 

completely. 

2. Tiny trots. iBf 

There are many more examples of small but -if ff ik 

powerful creatures in the modern animal worid. In VV jf % 

relation to its size, an ordinary house spider can run 
eight times faster than Ben Johnson. A flea can jump 130 times its own 
height An ant can pull a load 300 times its own weight 

Yet perhaps the most impressive example is that of the FalabeQa 
horse. 

Derived by crossing Shetland ponies with small English 
Thoroughbreds, FalabeDas stand only 24 indies high. However, they 
run so fast that, over a short distance, they can beat a full-sized 
racehorse, fbr their size, they can leap £ar higher than the leading 
showjumpers and they are also exceptionally hardy. 

These qualities are shared to varying degrees by other immature 
breeds. A Shetland has been known to carry a twelve-stone man for 
forty miles in one day, while a twelve-inch high golden foal recently 
survived falling down a steep fifteen-foot bank shortly after being born. 
(Why this foal should then have been called ‘Lucky’ is a mystery.) 

3. The lowest of the tow. 

The twentieth century has certainly had its shar e of small and' 
belligerent men — Hitler, Mussolini and Alan Ladd to name but three. 

However, the person who has come the closest to being a twelve- 
inch ruler is Atrila the Hun. He is thought to have been a dwarf. 

Also known as *the scourge of God' Attfla was 
king of the Huns from 434 to 453. For a time he ruled 
jointly with his elder brother Bleda (who was 
actually quite a big Bleda by comparison), but he 
found this rather tiresome and he murdered him 
in 445. 

His hordes then massacred, looted and burned 
their w^y across eastern Europe and finally assailed 
the Roman Empire. He was defeated once — jn Gaul 
in 451 — but he promptly invaded northern Italy and 
occupied the imperial palace in Milan, where he had all the paintings 
altered to show foe Roman emperor kneeling at his feet instead of 


* •••■ * »• 
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Attila died two years later while making love. It is possible that 
his diminutive stature contributed to his demise — but history 
unfortunately does not record whether or not he was standing on a 
box and fell off. 




was not pleased. “Nq, Marshal, you are longer? he snapped. 

Eventually, of course, Napoleon's reign came to an end, with one 
of the earliest stages in his downfall being foe series of defeats suffered 
by his fleet at foe hands of Lord Nelson — who was only five feet two. 
No wonder both men wore such large hats. 

5. Wfe are no* ver y biz. 

Queen Victoria, sovereign of foe United Kingdom from 1837 and 
Empress of India from 1876, constantly lamented foe fact that she was 
less than five feet tall 

Strangely, her Uncle Leopold seemed to think that she 
had the power to rectify this if she wished. T have not 
been able to ascertain whether you have grown taller 
lately”, he wrote. T must recommend it strongly". 
Victoria did wield considerable political power, 
however. In 1839, she forced the Prime Minister, 

Sir Robert Peel, to resign and later dismissed foe 
Foreign Secretary, Lord Palmerston, for committing 
the unforgivable sin of taking action without 
consulting her first 

Her dose involvement with policy-making 
and her desire to have her own way sometimes 
ove r s te pped foe proper bounds of a constitutional 
monarchy, particularly when W illiam Gladstone 
was Prime Minister. “Others but herself may 
submit to his democratic rule, but not the Queen? she wrote after yet 
another disagreement 

Yet when the longest reign in British history finally came to an 
end in 1901, the shortest monarch had restored both dignity and 
popularity to a crown whose future had looked deddedly precarious at 
foe time of her accession. 

“Will she be happy in heaven?” wondered a member of foe royal 
household. *1 don’t know”, replied Edward Vfi. “She will have to walk 
behind foe angels — and die wont like that”. 


6. Not short of words. 

Even Queen Victoria was taller than foe eighteenth-century poet | 
Alexander Pope. He was only four feet six inches tall as a result of 
tuberculosis of foe bone and a severely-curved spine. 

Despite these handicaps, he d ominate d foe London literary scene 
for almost thirty years — partly on foe strength of his sheer talent (his 
fame was assured at the age of 23 with his Essay on Criticism’ (3711)), 
and partly through his stinging attacks on his contemporaries which 
earned him foe nickname The Wicked Wasp of Twickenham! 

His verbal assault on Lord Hervey in the ‘Epistle to Dr 
Arbuthnof (1735) is a fine example: 

“Yet let me flap tins bug with gilded wings. 

This painted child of dirt, that dinks and stings...” 

He dearly relished the power that such scathing wit brought him: 

“Yes, I am proud; and must be proud, to see 
Men not afraid of God afraid of me" 

Another writer of the day, William Broome, did suggest that it 
was Pope’s size that stopped many people from fighting back: “His 
littleness is his protection; no man shoots a wren.” But others probably 
realised that the Wasp was at his most wicked when anyone attacked 

him, as illustrated by foe following composition 
addressed to a lady who had dated to mock his size: 
“You know where you did despise 
flbther day) my little Eyes, 
little Legs, and little Thighs, 

And some things, of little Size, 

You know where. 


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No one had as great an effect on Europe again until Napoleon 
Bonaparte came to prominence at foe end of foe eighteenth century. 

In 1795, at foe age of 25, he was in charge of foe Frencharmy of 
the interion He then led the French forces in Italy to brilliant victories 
over the Austrians, became Fiist Consul for life in 1802, set up what 
was effectively a military dictatorship and had himself crowned 
Emperor in 1804. 

In defeating foe Austrians, incidentally, he also defeated the hero 
of our first section. The Austrian generals 
became so desperate that theyfokfid a 
mouse’s feet and placed it on a map to see 
if it would trace out a path to victory. 

Yet without his wellingtons on, jj^SH 1 

Napoleon was only five feet six indies tall 
himself It is true that he looks impressive 
in our picture, which shows him crossing 

foe Alps in 1800,bqttiiistsahjg^r 
cm a mule.) . 

He was certainly B 

very sensitive about his ” " 

height- On one occasion, he was searching for 
a book in his library when he finally spotted it on 
the top shelf, well out of his reach. The tall Marshal | I 

Moncey dutifully stepped forward. “Permit me, 
he said. Tam higher than Your Majesty? Napoleon ^BBgB^HI 



You, tis true, have fine black eyes, 
Taper Legs and tempting Thighs, 
Yet what more than all we prize 
Is a Thing of little Size, 

You know where”. 


7. The Prime Miniature. 

Two centuries later; David Lloyd George — seen here pointing 
out his missing inches — was using a similar sharpness wifo words to 


It has been argued that he was too obsessed 
with power for its own sake — “He did not care 
in which direction the car was travelling, so . 

long 8s he remained in the driver’s seat” /' jj 

t (Lord Beaverbrook) - yet the facts 
l remain that he led Britain to victory 
W in the First 'Wfarid War and laid 
■ the foundations of the modem J I 
welfare state. 

Like Pope, Lloyd George once 1 BBj | 

had occasion to cut down someone 

who made a remark about his 
l The chairman of a meeting 
k introduced him fhusi.T had expected to 

find Mr Lloyd George a big man in every 
V sense, but you see for yourselves he is quite 
j small in stature? “In North Wales? came the 
Jr reply, “we measure a man from his dun up. 

You evidently measure from his diin down”. 


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Margot Asquith said of him that “he could not 1- 1 ' ■ v>'j 
see a belt without hitting below it”. This was -y | 4 . j 

presumably because he could not see much higher. \ r I 


8. Tire pocket battleship of the desert. I|[ j 

Another small Welshman also played a leading Ifli ' j; ■ 
role in the Great War, namely T. E. Lawrence or 'Wfr If ■- 

‘Lawrence of Arabia! (He actually measured less than i. . 

five feet six inches, but this tends to be obscured by 
the fact that the tall Pieter OTooIe played him in the 
David Lean film.) 

After joining foe Arab army in 1916, the archaeological scholar 
soon became its chief organising and motivating force. He ran a 
guerrilla operation against the Turks, blowing up numerous bridges 
and trains, and in 1917 he captured Aqaba after a 600-mile march. 

Further successful actions followed, and when Lawrence 
returned to Britain as a colonel in 1918, he was awarded foe DSO and 
the Order of foe Bath — though he declined both honours as a protest 
against foe breaking of promises made to foe Arabs. He then became a 
close friend and adviser of Winston Churchill, who described him as 
“one of the greatest beings of our time”. 

It should be noted, however, that Lawrence’s character was foil of 
contradictions — one of which was foe need to subject himself to the 
power of others cm occasions. For this reason, he went on to join the 
lowly ranks of the RAF and the Royal lank Corps under assumed 
names — and also paid an admirer to whip him regularly on foe 
buttocks. 




Asto nishing ly, there was a third small but powerful Welshman 
who came to prominence at this time. 

Jimmy Wilde was only five feet two indies tall and weighed just 

n ; he was one of the greatest fighters the boxing 

known. 

in his career in a fairground booth, where he once 
ed the incredible feat of knocking over 23 
ents whhm four hours. AD 700 of his challengers 
jse early days were far heavier than him, but all 
mmbed to his phenomenal speed and punching 

Even when he turned professional, Wilde 
was still conceding as much as two stone to his 
tents — but he kept on flattening them. His fame 
I, and soon he was known everywhere not only as 
lighty Atom! but also as The Ghost with the 
ler in his Hands! ' 

a 1916, at the age of 23, he won foe worid flyweight 
tich he then retained for seven years and four 
— a record unequalled to this day. 

> a further mark of Wilde’s greatness that he Is the 
•American to be rated No. 1 in foe ‘All-time Greats’ 
ting 1 magazine — and in 1959 he was elected to 
rican Hall of Fame. 

10. The half 

The Japanese have always been good at producing small things, 
such as miniature trees and Japanese children, and foe latest example 
of their skill is the Epson PC AXZ 

No other personal computer packs as much power into as small a 
space. It would cover only about two-thirds of this page — yet it boasts 
a 640 K random access memory, 20 megabytes of hard disk storage and 
a L2Mb floppy disk drive. 

Furthermore, it runs faster than a Falabella, with processing 
speeds of 10 and 8MHz. 

The PC AX2 is folly PC- and AT-compatible. It comes ready to 
work with any type of monitor and graphics software that you choose; 
and it can be expanded almost without limit — so there is no danger of 
it ever becoming extinct 

As you would expect of an Epson, it is so reliable that it could 
almost be compared to Queen Victoria for longevity. 

Yet for all this, the PC AX2 costs only £1699 (RRP exc. VAT), 
which certainly won't leave you short 

For more information, either: write to Epson (UiC) limited. 
Freepost, Bi rmin g ham B37 5BR; call up Prestel *280#; or ring 0800 
289622 free of charge. 

•*. We think you’ll find that the PC AX2 cant be beaten — unlike 

■ Lawrence of Arabia, of course... 


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25 




Financial Times Friday October 2 1087 


THE ARTS 


Cinema/Ann Totterdell 


Plenty of meat but not much to chew on 


Angel Heart directed by Alan Par- 
ker 

La Wee Vila directed by Federico 

Fellini 

It is not giving m od i away to 
reveal the identity of private 
eye Harold Angers new client 
in Angel Heart. Just say his 
name — Louis Cyphre— aloud, 
and note his long pointed finger 
nails and his anxiety to straigh- 
ten out some ambiguous long* 
standing contract with a 
vanished crooner. ■ Why the 
devil he cannot find the mi ssin g 
Johnny Favorite himself when 
surely se knows everything is 
puzzling but no doubt he is a 
busy man who needs someone 
to do his leg work for him. And 
who could resist hiring someone 
called Angel (Hickey Rourke) 
to find the missing Johnny. 

It fe not long before Angel 
establishes that Favorite is a 
satanist of extensive power who 
went m is s ing twelve years pre- 
viously after losing his memoir 
as a result of a wartime injury. 
Though everyone swears that 
Johnny is dead the omniscient 
Cyphre (Robert de Niro) is con- 
vinced that he is not. 

But hark, nobody sings to 
Harold Angel, or at least never 
in sufficient detail, because 
every time he gets a lead his 
source is violently murdered. 

Would a satanist with amnesia 
retain his evil inclinations— 
would be still deliberately seek 
out evil or be drawn back to it 
subconsciously? If the lias 
a central question that must be 
it but Angel Heart is not a film 
that is strong on ideas or 
emotions. It is a powerful detec- 
tive story but, though there is 
physical meat' in plenty there 


still is not much to get your 
teeth into. 

Like all director/writer . Alan 
Parker’s films it is technically 
excellent Deliberately remov- 
ing all primary colours he has 
set out to make a black and 
white film in colour and in- 
formed post-war' New York with 
a vibrant drabness. The re- 
moval of the action to New 
Orleans is a revelation of la* 
timidatingiy -seedy locations — a 
witch's cluttered apartment a 
voodoo priestess's shanty home, 
cheap hotels and cheaper bars. 
And Parker’s casting is impec- 
cable — de Niro is, naturally, 
even smoother and more inti- 
midating than he was as Capone 
in The Untouchables, and 
Mickey Rourke. was born to 
play a shabby gumshoe; Char- 
lotte Rampling as an upper 
class witch and Usa Bonet as 
the young priestess are impres- 
sive in fftiMiigngiwg women's 
roles. 

The intrigues of the story 
are strong enough to grab you 
by the throat and mesmerise 
you for every shuddering blood- 
soaked minute, but the test of 
a film is not Just bow it grips 
you in the cinema but bow you 
feel about it an hour, or a day, 
or a week afterwards. 

If the film has a point it mud 
be that we cannot repress the 
evil in our natures for ever, 
even if we have forgotten it. 
But even this point is almost 
lost so neatly is it bound up 
in a conclusion so symmetrical, 
so perfect in its circularity that 
it is in danger of disappearing 
up its own beautifully designed 
orifice leaving us nothing to 
remember but violent images 
and empty sensations. 

Can it be coincidence that 
Jesus also makes an appearance 
this wed: in the re-issue of Fel- 



Mickey Rourke in “Angel Heart 1 


Uni’s La Dolce Vita? The film 
opens with an aerial shot of a 
statue of Christ appearing to 
fly, arms outstretched, across 
the Roman sky suspended from 
a helicopter— a serene if strange 
image promptly dispelled by a 
second helicopter containing 
the film’s Journalist hero, Mar- 
cello (Marcello Mastroianni) 
and a photographer who, in 
spite of being airborn, attempt 


to chat up four bikini-clad 
women sunbathing on a rooftop. 
“It’s Christ,” the women say, as 
if he flies past every day. 

★ 

La Dolce Vita is a work that 
has been absorbed into our cul- 
ture as a symbol of a world 
away from drabness and res- 
traint a world, it was thought 
— mostly by people who had 


never seen the film— to be deca- 
dent and provocative. 

But Felini had his finger on 
the world's pulse; his aimless 
little cast of characters are not 
very shocking now but their 
lassitude and boredom, their 
frivolity bordering on despair, 
is easier to identify with now 
than it was when the film was 
made in 1959. 

Seven days and nights in the 
life of Marcello and the Roman 
aristocrats, celebrities and 
hangers-on who make his 
livelihood. H Marcello did not 
write about these people they 
would still exist, but would he? 
It seems a mater of uncertainty 
for him because in spite of his 
intelectual pretensions he still 
clings to his intrusive life as 
a gossip columnist. 

Italy with its chaotic political 
life and social problems takes 
shape in the life of Marcello 
and gives us a foretaste of the 
world to come. If anyone were 
foolish enough to remake La 
Dolce Vita today they could be 
more explicit, but they could not 
heighten the sense of tedium, 
the intangible burden, that 
Marcello carries. 

Released with an Immaculate 
new print the film (in black 
and white with subtitles) is 
fresh and probably less dated 
than it would have seemed 10 
years ago in both mood and 
look. Those suits, those sun- 
glasses. those perfectly groomed 
women look quite at home in 
the 'eighties. Not that, these 
days, many people would dance 
in a fountain in their designer 
evening clothes as Marcello and 
a scatty film star (Anita 
Ekberg) do. 


Gdansk/Gdynia Festival of Polish films 


If nothing else, the 12th 
Gdansk/Gdynia Festival of 
Polish Feature Films (formerly 
in Gdansk, presently in 
Gdynia) in September effec- 
tively demonstrated the 
resilience of a severely 
hampered, yet still vibrant, 
national cinema. Following tbat 
fatal imposition of martial law 
in December 1981, not even the 
most optimistic of critical 
observers would have given 
Wajda, Zanussi & Co a chance 
to bounce back into the spot- 
light on the world festival 
scene — particularly since 

Wajda’s own “X" film unit had 
been unceremoniously wiped 
out by the Polish film authori- 
ties, while Zanussi has been 
spending only weekends at 
home as he continues to beat 
the bushes for production sup- 
port abroad. 

Yet two factors have worked 
in Polish cinema's favour over 
the past five years. One was the 


rich storehouse of pre-1982 
productions which, one by one, 
have now come off the shelf to 
amaze and delight — some even 
winning prims in the Polish 
Underground (the forbidden 
video cass ette market) or a 
coveted FEPRESCI (Inter- 
national Critics) award at an 
international festival. The 
other was the strong “second 
team ** of directors who stayed 
at home — among them 
Krzysztof Kieslowski, Feliks 
Falk and Jerzy Domaradzki — 
who have managed to co- 
operate with the film ministry 
on subject matter- ter new pro- 
jects while working energetic- 
ally behind the scenes ter the 
release of previously shelved 
productions. 

Gdansk/Gdynia *87 aptly 
illustrated how both converged 
to ”»ke this the most memor- 
able Polish festival since 1981. 
Further, the move from a 
stuffy. Inadequate union hall 


(500 seats) in Gdansk to a new, 
comfortable music auditorium 
(800 seats) in Gdynia offers the 
administration great possibili- 
ties to develop this modest 
national film event 

Five previously shelved films 
formed the nucleus of the 
festival: Wieslaw SaniewsW’s 
Freelance (1981), Krzysztof 
Kieslowski’s Blind Chance 
(2982) a Cannes entry in the 
Directors’ Fortnight section — - 
Janos Zaorski’s Mother of 
Kings (1982), Tadeusz Chmie- 
lewski's The Faithful River 
(1982), Robert GUnski’s 
Sunday Pranks (1983). 

Of all these films. Freelance 
and Blind -Chance were the- two 
that caught some of the heady 
atmosphere of the surge 
towards Solidarity. Saniewski's 
“ freelancer ** Is a journalist 
best on exposing regardless of 
the moral implications, an 
administrative cover up of a 
factory accident Kieslowski's 



Magda Teresa Wojcik — who won the Best Actress Award — in Jannsz 
Zaorslds’ “Mother of Kings,** which won the Grand Prix 


student, by contrast, finds him- 
self at a crossroads in life, 
when the “ chance " of catching 
a train as it pulls out of the 
station will seemingly deter- 
mine his future. Both films end 
on the note of a strike in the 
distance— somewhere in Gdansk 
in August 19K). 

Janusz Zaorskj’s Mother of 
Kings deservedly won the 
Grand Prix, Based on a novella 
by Kazimierz Brandys permed 
shortly after Stalin’s death, 
both Andrzej Wajda and 
Andrzej Hunk were originally 
attracted to the material, while 
Zaorski drafted his script in his 
student days at the Lodz Film 
Academy. He had only to pull 
it out of the drawer, it is sard, 
to receive the backing of 
Wajda's “X” film unit — and 
was haH way through the shoot 
bog when the curtain fell. 
Thereafter, although the film 
was completed, the fact that 
it circulated on video cassette 
in tiie Underground meant that 
only mitigating circumstances 
— 10s the General Amnesty 
last autumn — would permit 
its general release. 

Mother of Kings is the study 
of a mother’s sufferings. On the 
death of her husband in 1933, 
Mother Krol is left with the 
task of raising £mr sons, barely 
escaping death herself under 
the Nazis during the Occupa- 
tion. On Stalin’s death, her 
lingering hope Is that her 
wrongly imprisoned son (who is 
also a survivor of Auschwitz) 
will be included in the general 
amnesty. Leased in black-and- 
white, the narrative Inter- 
spersed with newsreel docu- 
mentary footage, one of its 
saving graces is the absence of 
such questionable modern 
amenities as a zoom-in close-up. 
Indeed, Mother of Kings is a 
timeless ode to the poignant 
humanity of postwar Italian 
Neo-realism. 

As for the other two deferred 
releases, Tadeusz Chmlelewski’s 
The Faithful Steer (based on 


Stefan ZeramsSd's Classic deal- 
ing with the January Uprising 
of 1883) remains innocent melo- 
dramatic film fare with or with- 
out the reference to oppression 
under the Cossacks. And Robert 
GUnski's Sunday P ranks scores 
primarily as an experimental 
treatise — albeit by an 
obviously gifted director — on 
children playing p ^infliis 
grown-up games on that fatal 
Sunday in March 1953 when 
funeral obsequies were being 
paid to the Great Man Stalin. 

Compared with these “late 
entries," the rest of the show 
paled so far as timely critical 
comment was concerned. 


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Nevertheless, Filip Ba Jon's six- 
part, six-hour TV-serial, The 
Magnate (the English title is 
The White Visiting Card), a 
Polish-German co-production, 
recounts in plush historical 
fashion the downfall of a 
princely German mining family 
in Silesia from the tnrn-of-the- 
century to the end of World 
War n. The truncated version 
was shown' at Gdynia (180 
minutes back and forth through 
a time machine), but enough 
rubbed off in images to rate 
this as a kind of Polish break- 
through into the current 
“famous chronicles" portfolio 
for European television. 

Finally, Stanislaw Rozewicz’s 
Angel Ht the Cupboard appears 
to be little more than a stylistic 
exercise by one of Poland's 
veteran directors, the theme of 
which is the middle-aged crisis 
of a movie soundman; but these 
recorded blts-and-pieces can be 
fitted into a mosaic on the sta- 
tus of contemporary Polish life 

One moment is particularly 
revealing. When the soundman 
suggests to the director of the 
fllm-withuHhe-film to shoot a 
scene over, the latter confides 
to him that it is Impossible: 
“We’ve run out of film, and 
besides tomorrow tee’ll lose the 
sound-camera too!” 

Ronald Holloway 


Arts Week 

Costumed from Page 72 

Music 


Scottish Chamber Orchestra conduct- 
ed by WQfiried Boetchler, Ronald 

g pmH^nm | piano , I fnkfln HftfdBSh 
benger, trumpet Haydn, Mozart 
(Mon). TMP-Chafcetet (4233 4444). 

Orchestra National da CapHele de 
Toulouse conducted by Michel Has- 
son; Albert Roussel (Toe). Salle 
Pfcyel (4581 0830). 

POnl z«wn« choirs from Paris and 
Brest: Mendelssohn, Elias (Die). 
Saint-Severin Chinch (4563 7955). 

Saini-Saeos: Requiem sung by the Ro- 
ia«t de i jigniig choir with the Or- 
chestra Francais (TOratorio conduct- 
ed by Jean-Pierre Lore (Tue). Saint- 
Bocfa Church (4281 9328). 


London Philharmonic/Festival Hall 


Since the main work in Wed- 
nesday’s LPO concert was 
Bruckner’s Symphony No. 7, 
the preceding 5.55 pm recital in 
the perennial South Bank organ 
series was aptly devoted to Aus- 
trian organ music from Johann 
Kaspar Keril (high Baroque) 
to Rainer Bischof (flashy 12- 
notery). The Viennese organist 
Martin Hasselbock took maxi- 
mal advantage of the colourful 
noises the Festival Hall instru- 
ment can make, not only id 
three of Keril’s disarming pic- 
torial exercisesh (including 
lusty battle-piece) and BischoPs 
new Cadenza for Organ, but in 
his own improvisation on a Ken- 
neth Leighton theme and in five 
of the charming miniatures 
Hayden wrote for musical 
clods. 

More substantial than any of 
those was Mozart’s C minor 
Adagio and Fugue — not origi- 


David Murray 

nally an organ piece, but tran- 
scribed for a virtuoso per- 
former: the fugue-subject alone 
requires slalom style footwork. 
Haselbbck also gave us Franz 
Schmidt's big Toccata, phrased 
too lightly at the start to cap- 
ture Schmidt’s warm, sturdy 
tone but developed with expert 
confidence. His clever wayward- 
ness with Kerll's inocent lines 
was what stayed in the mind. 

The London Philharmonic 

concert was another of the 
Tennstedt programmes wbich 
have had to be assigned to other 
conductors, this time Hans 
Vonk. The opening Prelude and 
Liebestod was unpromising; 
smoothly routine, without the 
least subtlety in detail, and 
much too loud too often (Wag- 
ner marked nothing in the 
Liebestod higher than forte, at 
the cost of his over-parted 
soprano. Rosalind Plowright 


sang with plain good intentions, 
but her timbre never had suffix 
dent depth or body for the 
music. 

One had to respect Vonk's 
evident affection for Bruckner’s 
score, but it inspired nothing 
more than a moderate canter 
through the Symphony. The 
LPO, in fine professional form, 
sounded ready to respond to 
any imaginative demands, but 
none were made. Vonk never 
allowed a pause for thought; 
the thing simply ran on, as if 
he had an unstoppable metro- 
nome in his head and could not 
relent for the arrival of any 
new idea. I think that was what 
used to be meant by the epithet 
“ Kapellmeister,” though many 
a Kapellmeister would have 
avoided the nasty stridency of 
Vonk's climaxes, which in the 
Fftale approached the pain, 
threshold. 


The Prospero Suite/Everyman, Cheltenham 


New plays are increasingly 
rare on the main stages of our 
regional theatres, but all hur- 
rahs for the beautifully refur- 
bished Cheltenham Everyman 
freeze on the lips when confron- 
ted with this unadulterated 
stinker by Warner Brown. 

An English film director, 
Roland Bennion. has returned 
to the New York hotel where, 
15 years ago, his film about 
Lorenzo de Medici, "Boy,” was 
slaughtered in a Critics' Week. 
That allegedly visionary work 
has been followed, after a long 
silence, by an applauded pot- 
boiler. Bennion is to address 
the same audience and has 
taken up residence in the Pros- 
pero Suite which, according to 
Chris Crosswell's monumental 
grey design, is a chill mauso- 
leum well suited to the direc- 
tor's pompously intoned 
visionary view of himself. 

The Medici film was also tbe 
baby of his long-suffering secre- 
tary Annie (Diana Payan) 
whose definition of the new 
work “Priceless.” as “a taste- 
less load of junk ” defies an un- 
likely critical cabal of Vincent 
Canby, Rex Reed and Pauline 
KaeL That mob is represented 
on stage by a Rosalind Russell- 
style showbiz hack called Judy 
Sykes. It transpires that Judy 
has made amends for rubbish- 
ing “ Boy " by reactivating 
Bennfon’s artistic and sexual 
muscles. SI»e and Annie lock 
horns while other interested 
parties — the director's mother, 
his niece who runs the hotel, 
his bespectacled young protege 
— stand around in attitudes of 
hoarily dumb attendance. 


Michael Coveney 

Unable to convince us of 
Bennion’s Blakean fervour and 
entitlement to our sympathy, 
Ur Brown resorts to the worst 
kind of showbiz-buff ery, cram- 
ming the stage with thudding 
cliches, arch exit lines, endless 
references to Bette Davis; a 
phoney murder plot, painfully 
contrived dialogue, a Hollywood 
takeover bid by tbe mother and, 
if you please, a manifesto for 
all budding critics to encourage 
and promote what they see re- 
gardless of considerations as to 
merit or otherwise. 

Unimpressed by this clumsily- 
incorporated appeal to what re- 
mains of my good nature, I 


should add that John Doyle’s 
production casts a silver-haired, 
si Ive (--voiced actor, James 
Greene, as a director who is 
a vaguely rumpled version of 
David Lean and also, and less 
fortunately, old enough to be 
his own mother's father. 

Mother is played by that trea- 
sured survivor of the Brian Rix 
farces, Hazel Douglas, while 
Beth Ellis, a flame-haired 
comedienne of some conse- 
quence, tries to compensate for 
the understandable lack of 
sparkle in the portrait of a re- 
formed, well-intentioned critic, 
by clothing herself in suits of 
hideous brightness. 



James Greene and Hazel Douglas 


The Still Point/Book Review 


AinstodUBt Conoerlgebonv. Antoni 
Ro^Marba fwvti noting the Nether- 
lands Philharmonic, with Alexander 
Jtudin, c el l o: Mozart, Haydn. Sfihu- 
bert (Mon. Tae). (718345). 

Rotterdam, Doefen. Redial Balk 17th- 
centurv vocal and instrumental mu- 
sic (Mon). Glen Wilson and Stanley 
Hocgland, Eortepiano quatre-mainsi 
Mozart (Ihur). (4 IS2WI 

Eindhoven, Scboowburg. Radio Wind 
Ensemble: Dvottdc, Jananek, Marti- 
mi (Wed). (U 11 22). 

LQMPPW 

■VlWVTf 

Eftgfiffh ffiniiifcpg Org Wn conducted 
by Sir Alexander Gibson and I*eds 
piano competition winner, with Cas- 
pian Steete-Ferklns, trumpet. Mo- 
zart and Haydn. Barbican Hall 

conducted by Sir Neville Harriner 
with Aifeen Auger, soprano and 


Some time ago, Mary Clarke 
and I were asked to write a 
book about the way Western 
theatrical dancing had been 
represented by painters and 
sculptors. We spent an illum- 
inating year collecting material 
for what was eventually to 
become Ballet in Art. which 
did not pretend to do more than 
skim tbe surface of its subject, 
but which we hoped might give 
some indication of dancing's 
fascination for the artist. An 
incidental fact of the exercise 
was that we found ourselves 
faced with the general awful- 
ness of the representations of 
ballet in the latter part of than 
century. 

There were various practi- 
tioners who supplied an ever- 
eager market with dubious 
merchandise — I had to be 
convinced that one purveyor 
did not use doe concretions for 
his repellant statuettes — but 
hardly anyone who could reveal 
the frame and musculature that 

Keith Lewis, tenor. Haydn and Mo- 
zart. Royal Festival HaO (Tue). 
(9283191). 

London Phaharraonk conducted by 
Klaus Tennstedt with Rosalind 
Plowright, soprano. Wagner and 
Bruckner. Royal Festival Hall 
(Wed). 

TOKYO 

NHK Symphony Orchestra . piano. 
Christoph Eschenbacb and Tfeunon 
Bute All-Brahms programme. 
Yamaha’s Arthur Rubenstein Cen- 
tennial Concert Hitomi Memorial 
HaO, Showa Woman's College. Sang- 
enjaya (Mon). (572 3141). 

Urn Tokyo String Quartet with Hiroko 
Nakamura. Haydn and Dvorak. 
Sun lory Hall (Toe). (235 1681). 

NEW YORK 

Carnegie Hall; Tookunstler Orchestra 
of Vienna. Alfred Eschwe conduct- 
ing, Gail Dobish soprano. Manfred 
Geyr halter violin, Raphael Flieder 
’cello. Mozart, Beethoven, Weber. 
Haydn, Johann Strauss, Josef 
Strauss (Thur). (247 7800). 

Meridn Hall (Goodman House): New 
York Woodwind Quintet Mozart 
John Harbtson. Malcolm Forsythe, 
Jpnacek (Tue); Kurt Weill Festival 
with the St Luke’s Chamber En- 
semble conducted by Julius Rudel 
(Wed). 67th w. of Broadway 
(38287191 

WASHINGTON 


National Symphony (Concert Hall): 
Mstislav Rostropovich conducting. 
Toch, Mozart, Berlioz (Tue); Cather- 
ine Comet conducting, Alexis Weiss- 
enberg piano. Bernstein, Elgar. Bee- 
thoven (Thur). Kennedy Center 
(2543776). 

CHICAGO 

Chicago Symphony (Orchestra Hall): 
Sir Georg Solti conducting, Joseph 
Golan violin. Bartok, Elgar (Thur). 
(485 8111). 


Clement Crisp 

lie at the basis of dancing. It 
Is the camera which now tells 
us about the mysteries of move- 
ment as Degas once did, and 
with rare exceptions (I k 
of Brian Organ’s portrait of 
Nadia Nerina; Pavel Tchell- 
cheVs studies of Ldfar; Paul 
Cadmus' drawings from the 
ballet studio) most dance art 
is a miserable affront to the 
good name of sculpture, paint- 
ing and drawing. 

And as if to prove the point, 
there has appeared The Still 
Point, published by the winsom- 
ly named Jolly Good Production 
Company at £120 which is a 
collection of laborious drawing^ 
by Betti Fraoceschi or anatomi- 
cal bits, under the guise of 
being “ Images from Dancers’ 
Bodies.” There is a delicate 
sense of propriety in all this 
since the owners of the various 
breasts, backs, buttocks and 
pudenda on view are not identi- 
fied, And Miss Francescbi does 
not essay any faces. Or feet. 
Her drawing technique is of the 
heavy shading variety—! would 


recommend the book only to 
voyeurs of the heavy breathing 
variety — and, with a super- 
realistic gusto, she carefully 
delineates her chosen portions 
of the male and female frame 
(chiefly female, though I’m 
puzzled by one pair of and- 
rogynous breasts). There are 
tasteful highlights In the draw- 
ing, wrinkled flesh, one possibly 
varicose vein and the general 
impression that we have been 
made privy to the key-hole of 
a corps de ballet’s dressing 
room. 

The purpose of the tome, 
which is large in format and 
printed on very good paper, 
defeats me. Miss Franceschi 
provides an introduction which 
burbles on about the dancer’s 
“center" and tells us that “As 
a boy’s energy builds, his center 
turns on like a dynamo. He 
takes hold of it and knows him- 
self to be a man.” Portentous, 
more than a little naif, the 
prose is a very fair reflection 
of the finicky naturalism of the 
drawings. 


Saleroom/Antony Thomcroft 

Banknote week in London 


This is banknote week in 
London with all the major 
dealers and collectors congre- 
gating in town for the weekend 
fair at the Great Western Hotel. 
The auction houses are 
natu rally cashing in on the 
occasion by holding ripe sales. 
Christie’s yesterday totalled 
£75,405. but with 22 per cent 
unsold, confirming that this is a 
sector in which demand, and 
prices, are still at a low ebb. In 
th main banknotes have just 
about reached the levels of a 
decade ago when the market 
was created through the efforts 
of tbe doomed Stanley Gibbons. 
It really is a good time to boy. 

Rather surprisingly the col- 
lection of Iranian banknotes, 
smuggled out of the country by 
Ebrabam Abaie, when he left, 
on a camel, to escape the atten- 
tions of the Revolutionary 
regime, did quite well, realis- 
ing £47.410. with only 8 per cent 
unsold. Abaie has been forced 
to sell to survive and tbe second 
group of his notes, which form 
the finest collection of Iranian 
banknotes in private bands, will 
be offered at Christie's next 
year. Fortunately there was one 
enthusiastic bidder in tbe room, 
the Montreal dealer, William 
Barratt. who acquired 25 of the 
70 lots. Top price was the £4.840 
paid for a 1913 Imperial Bank 
of Persia 100 Tomans. “Pay- 
able at Yezd only.” Not surpris- 


ingly it is extremely rare and 
the successful bid comfortably 
topped tbe estimate. It went to 
a private American collector, 

Barratt paid £4,180 for a set 
of seven Toman notes repre- 
senting all but one of the deno- 
minations, mainly issued in 
1908 by the Imperial Bank of 
Persia. The general lack of 
interest in banknotes was illus- 
trated by the price of £1,100 
paid for a Guernsey £1 note 
issued in 1918 which had pre- 
viously been unknown. Despite 
its rarity the price was well 
below the estimate. 

Sotheby’s sold coins in the 
morning for £149,990, with less 
than 3 per cent unsold. The 
most interesting lot was the 
collection of Communion 
tokens, numbering 810 in all, 
dating from the 18th and 19th 
centuries, with a few from the 
17th. They were sold by the 
Church of Scotland and 
presented by communicants. It 
was a money-raising exercise. 
Yesterday the tokens made 
£4.620. way above the £1,000 
estimate. 

Top lot at the auction was 
the £5,720 paid by Knights- 
bridge Coins for a gold 20 marks 
of 1875 issued by Reuss-Greix 
in Germany. The same dealer 
paid £2,860 for an 1837 pattern 
crown of Queen Victoria, of 
which 150 were struck. 






Financial Times Friday October 2 1987 



FI NANCI AL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P4BY 
Telegrams; Finantimo, London PS4, Telex: 8954871 
Telephone: 01-2488000 


Friday October 2 1987 


Leadership 


in J apan 


FIVE YEARS ago, many of 
Japan's friends in the West 
thought and wrote that Mr 
Toshio Komoto, then Minister 
of Economic Planning, should 
become Prime Minister. The 
world was still in recession, a 
fact which had appeared to 
elude the attention of Mr Zeoko 
Suzuki, the outgoing leader, and 
most of the Japanese establish' 
meat, including Mr Komoto, 
was arguing that Japan should 
expand more vigorously, in part 
to contribute to international 
recovery. The alternatives ap- 
peared to be an unprepossessing 
and unfamiliar set of introspec- 
tive conservatives, one of whom 
was Mr Yasuhiro Nakasone. 

The same tendency is 
apparent today, as five rather 
remarkable years under Mr 
Nakasone's direction draw to a 
close. The obvious solution — it 
Is tempting to suggest from the 
outside — is that Mr Nakasone, 
whom the world has come to 
know and admire, stay on, but 
the chances of this happening 
are so remote as to be unworthy 
of speculation or advice. Xf bis 
influence survives behind closed 
doors, then so much the better, 
but {be Japanese perception, 
which is what counts most, is 
that the time bas come for a 
change at the helm. 

The favoured external candi- 
date this time, Mr Kiichl 
Miyazawa. the Finance Minister, 
is internationally minded and 
does have expansionist inclina- 
tions, still unusual attributes 
among Japanese politicians. His 
main rivals, Mr Noboru 
Takeshita and Ur Sblntaro Abe. 
have held important portfolios. 
Finance and Foreign Affairs 
respectively, but made little 
impact on them, and their 
news on subjects other than 
internal Japanese politics are 
not well known. 


that he has encouraged the 
growth of some creative and 
outward-looking thinking in 

what had been an essentially 

self-contained system. 


It is important that this 

momentum be maintained, and 
there is good reason to suppose 
it will be. The debate over 
financial liberalisation, for 
example, is no longer over the 
principle, for too much has 
been achieved to go back, but 
over the fine print of its 
details and pace. The inventive- 
ness with which much of 
Japanese industry bas absorbed 
and adapted to the shock of 
the high yen can only be des- 
cribed as impressive. Real 
winds of change have swept 
through the Japanese bureau- 
cracy, including some of its 
darker recesses. There is a new 
found assertiveness in the atti- 
tudes of the Japanese govern- 
ment that should be welcomed 
in international debate. 


Internal balances 


Financial liberalisation 


But it would be wrong to in- 
vest too much significance in 
the individuall who emerges at 
the top. It may seem strange 
to say this after so successful 
a tenure as that of Mr 
Mr Nakasone, but it can never 
be forgotten that there is a 
collegial nature to the govern- 
ance of Japan that still tran- 
scends, for the most part, the 
role of all but the most excep- 
tional Individuals. Had the 
Japanese establishment re- 
mained static in form and ideas 
over the last five years, there 
would be good reason for con- 
cern at the departure of a man 
capable, at times, of dragging it 
with him. But it is not tne least 
of Mr Nakasone's achievements 


There is, of coarse, much still 
to be done, and the progress 
desired by the West is bound to 
be uneven- The Japanese politi- 
cal system, unbalanced in favour 
of rural areas, is still mostly 
run by well-oiled machines, with 
defined domestic constituencies. 
It is unrealistic, therefore, to ex- 
pect Japan at a stroke to expose 
its agricultural sector to the full 
force of international competi- 
tion. Equally, the Japanese 
know perfectly well that the 
astronomical price of land in- 
hibits economic and social 
policy-making, but cutting 
through the labyrinth of en- 
trenched interests is going to 
require patience as well as 
perseverance. This, in turn, 
means that Japan's friends will 
need sometimes to exercise res- 
traint in their demands for 
change. Smashing radios on the 
lawns of Washington is not con- 
ducive to the process. 


It may well be that the best 
man to continue Mr Nakasone's 
work is one thoroughly versed 
in the intricacies and delicate 
Internal balances of the Japan- 
ese system. This is why Mr 
Takeshita, generally reckoned 
to have the most complete 
understanding; now stands as 
favourite. But it is a Japanese 
choice and the Japanese must 
be given credit for knowing 
their people best. There were, 
after all, good internal reasons 
for not choosing Mr Komoto five 
years ago, and the product was 
Mr Nakasone, for whom there Is 
cause for thanks. 


M fi Nigel lawson, 

Britain's Chancellor ad- 
vocates a permanent 
shif to a system of managed ex- 
change rates. Mr James Baker, 
the US Treasury Secretary, sug- 
gests that the gold price should 
be included in a new indicator 
of inflationary pressures in the 
world economy. 

There is clearly something 
happening in international eco- 
nomic policymaking. 

H nothing else, their two 
speeches at the International 
Monetary Fund this week under- 
lined a decisive break with the 
regime of free-floating e x c h ange 
rates which replaced the fixed- 
rate Bratton Woods system in 
the early 1970s. 

Both seem determined that 
the Plaza accord of September 
1985 and the subsequent Louvre 
agreement earlier this year 
should be more than brief 

episodes in economic history. 

Instead, the concerted move 
first to devalue and then to 
stabilise the dollar should 
provide the basis for a new 
international monetary system. 
The actual shape of that system 
is much hazier. 

Mr Baker’s decision to single 
out gold for inclusion in a 
basket of commodities which 
might be used by policymakers 
as a guide to future price 
trends appeared deliberately 
ambiguous. Only in a sub- 
sequent background briefing 
for American journalists was 
he prepared to rule out a return 
to tiie gold standard. 

Mr Lawson’s detailed blue- 
print for a new world order, 
meanwhile, bas yet to convince 
the Bank of England, let alone 
the more independently minded 
Japanese and West Germans. 

The joint commitment by the 
Group of Seven industrial 
nations to the ad hoc system 
of exchange rate management 
now Id place is not in question. 

For now the two latest 
proposals are only ideas on the 
table. They will be considered 
alongside France's longstanding 
call for a system of currency 
“ reference zones," based on 
national economic performance 
indicators, and alongside West 
Germany’s preference for con- 
tinued pragmatism in managing 
the present regime. 

There was also the whiff of 
political opportunism. Mr 
Baker cm justly claim to be 
have been the driving force 
behind closer international 
exchange rate co-operation. The 
Plaze accord came at his 
initiative, and he set the sub- 
sequent pace towards a more 
formal framework for policy 
co-ordination. 

The consensus in Washington, 
however. Is that Mr Baker's 
priority now is the election of 
Vice-President Bush in the 
November 1988 presidential 
elections. Economic stability. 


The Baker-Lawson currency initiative 



shared by most governments, 
bat one that could force ce n tral 
banks to tighten policy at a 
time when prospects for 
economic growth are already 
lacklustre. 


But if the global targeting 
Implied by Mr Baker and 
developed by Mr Lawson bas 
immediate attractions, it also 
begs a whole range of questions, 
A series of agreed indicators 
for the Group of Seven as a 
whole would say nothing about 
the relative responsibilities of 
each country in meeting them. 


That, as the experience of the 
past two years has shown, is the 
most intractable problem facing 
policymakers. 

It is a desire to highlight 
those relative responsibilities 
that has been the driving force 
behind Mr Baker's determin- 
ation to establish a system of 
national indica tore— and behind 
West Germany and Japan’s 
determination to ensure that 
those indicators carry no auto- 
matic obligations. 


prerequisites of a Bush victory. 

And. in a country where daily 
television news reports still 
flash the gold price on the 
screen, s favourable reference 
to gold Lb hardly bad politics. 


Almost a 


and more specifically avoiding 

in US interest 


a sharp rise 
rates, is seen as one of the key 


Mr Lawson has hung his own 
policy of stabilising sterling at 
a relatively competitive rate on 
the coat-tails of the Louvre 
accord. Clearly, the Chancellor 
bas not abandoned his two-year 
campaign to persuade the 
Prime Minister to take sterling 
into the European Monetary 
System’s exchange rate 
mechanism. As Britain takes 
a lead in international exchange 
rate management, Mrs That- 
cher’s objections to the EMS 
look increasingly eccentric. 

If Mr Baker was the archi- 
tect of enhanced exchange rate 
co-operation, Mr Lawson is dis- 
playing all the fervour of a 
religious convert. Only two 
years ago tire British Treasury 
openly ridiculed US suggestions 
that free-floating should he per- 
manently abandoned. 

But this week it was Hr Law- 
son who provided the most de- 
tailed critique of the old sys- 
tem, and the clearest outline 
of how a permanent regime of 
“ managed floating " might 
work. 

The changing nature of finan- 
cial markets, with speculative 
capital flows driving 34-hour 
trading had confounded the 
view that free-floating could 
combine flexibility with relative 
stability, he said. 

To replace this system the 
Chancellor suggested a regime 
based on what governments 
and central banks have been 
doing since the Louvre accord. 

The flexible— and secret — ■ 
exchange rate bands established 


meeting 


of minds 


guarantee against a general 
upsurge in inflation, as 
became evident in the late 
1960s, when accelerating prices 
in the US contributed to the 
fracturing of the fixed rate 
system. 

The attraction of a commodity 
price indicator is that it might 
persuade financial markets that 
a return to managed e xch a ng e 
rates was not being pursued at 
the expense of anti-inflation 
policies. 

In the US, the idea of creat- 
ing an index based on a basket 
of commodities to provide such 
an early warning system has 
been championed by Mr Robert 
Heller, a governor of the US 
Federal Reserve. 


More fundamentally, Mr 
Lawson may have been prema- 
ture in suggesting that the 
present pattern of exchange 
rates will provide a durable 
basis for a more permanent 


system. 

His view that the dollar's 
decline since 1985 is more or 
less sufficient to reduce the US 
trade deficit and the parallel 
surpluses in Japan and WeV 
Germany to sustainable levels is 
far from universally shared. 


in February would be the 
foundation for a new system 
of "managed floating.” Each 
currency would have a central 
rate within the bands, which 
could be moved to establish a 
new range if governments 
agreed an adjustment was 
needed. But, to limit specula- 
tive gains in the markets, the 
new band would be based on 
a central rate set within -the 
limits of the previous range. 


national to aggregate targets for 
the group. 


The bands, Mr Lawson said, 
would be underpinned by a 
broad policy framework aimed 
at ensuring the overall policy 
stance of the Group of Seven 
had neither a persistent infla- 
tionary nor a deflationary bias. 

The focus of the economic 
performance indicators which 
finance ministers have been 
using as the basis for co- 
ordination would switch from 


These targets in turn would 
represent a framework for 
policy in terms of either a path 
for output growth in the group 
as a whole or one for the 
average inflation rate. 

Performance against the tar- 
gets would be monitored using 
a range of economic indicators, 
including the trend of world 
commodity prices. It is on this 
latter point that the British 
ideas chime with those of Hr 


Mr Baker's comments at the 
IMF bear an uncanny resem- 
blance to a speech given by Mr 
Heiler in March of this year. 

Although governments would 
have to make allowances for 
special circumstances, such as 
bad harvests, the general rule 
would - be simple. In times of 
rising commodity prices, mone- 
tary policy would be tightened 
and in times of falling prices 
policy could be loosened. 


The Chancellor emphasises 
the point that: “ there is no law 
that dictates that the current 
accounts of the major industrial 
countries should always be in 
balance." The problem is that 
the scale of the imbalances cur- 
rently in prospect for the 1990s 
hardly look sustainable. 

Confidential IMF predictions 
suggest that on the basis of pre- 
sent exchange rates and un- 
changed policies in the major 
economies, the US current 
account deficit could still 
amount to $150bn in 1991. 


The shared view is that gov- 
ernments need to establish an 
overall anchor for inflationary 
expectations following the 
breakdown of credible policies 
to control inflation by regulat- 
ing the money supply. 

Unfortunately, stable ex- 
rates provide no 


And while in Euroje, gold is 
regarded as something of a 
relic, the US view is that the 
metal’s price can still provide 
a good leading indicator of 
price pressures. 

The perception that some 
new anchor is needed for 
inflationary expectations has 
been reinforced by the recent 
strong upward trend in long- 
term interest rates. 

That rise has been based on 
the markets’ view that inflation 
may now be on a 1 sustained 
upward trend. It is a view not 


That would imply a build-up 
in the US external debt which 
the IMF believes would be un- 
acceptable to financial markets 
— the result, it concludes, might 
be a further 15 to 20 per cent 
devaluation of the dollar. 

Even with additional shifts 
in policy towards cutting the 
US deficit and strengthening 
economic growth outside the 
US, the IMF believes a further 
sizable dollar depreciation will 
be necessary. 

Whether that could be accom- 
plished by period ic small ad- 
justments within agreed bands, 
or whether the markets may 
yet force it at a much more 
rapid pace is a much more open 
question than either Mr Lawson 
or Ur Baker admits. 


Philip Stephens 


Priorities for 


City rules 


A NEW TEAM of ministers at 
Britain’s Department of Trade 
and Industry is suddenly under 
intense pressure from the City 
oFLondon to soften the impact 
of the Government’s own 


then worked adequately, runs 
the argument, there would be 
no need to move to a more 
legalistic system redolent of the 
US. 


AFTER THE First World War, 
there was a widespread return 
to the gold standard, in which 
a country’s currency was trade- 
able for gold at an official price. 
By the mid-1920s, the US, Ger- 
many, Britain and 39 other 
countries had returned to the 
standard at its pre-war parity, 
in spite of arguments from 
economists like Keynes that 
gold was overvalued. The sys- 
tem was designed to promote 
stability and curb inflation. 
193L International financial 
panic led to serious runs on cur- 
rencies. The Bank of England 
suspended its obligation to sell 
gold on Sptember 21. A fur- 
ther 32 countries then aband- 


A troubled history of snakes and snares 


oned the gold standard- 
1936: The remaining gold bloc 
countries went off the gold 
standard A tripartite monetary 
agreement between the US, 
France and Britain (later joined 
by Belgium, Holland and Swit- 
zerland) established the 
principle of currency stability 
and the need for co-operation 
in a managed exchange rate 
system. 

1944: Delegates from 44 nations 
met at Bratton Woods, New 
Hampshire. They set up the 
International Monetary Fund 
and the World Bank, with three 


main objectives: a multilateral 
system of payments based on a 
worldwide inter-tradeabUlty of 
currencies to be achieved 
through the elimination of ex- 
change controls; reasonable 
stability of exchange rates; Adi 
employment as a policy fioaL 
Each member country estab- 
lished a pur value for its cur- 
rency fixed either in terms of 
gold or of the dollar, pegged 
within a range 1 per cent above 
and below par value. 

1949: 28 countries devalued 
their currencies by substantial 
amounts against the dollar. 


1967: uncertainty with the 
Vietnam war in the background 
led to a worldwide shortage in 
gold as private demand for it 
surged. 

1968: The London gold market 
closed and a two-tier price sys- 
tem for gold was ushered in 
with both an official price and 
a market price. 

1971: The US suspended the 
gold convertibility of the dollar, 
in December, the so-called 
Smithsonian agreement saw a 
7.9 per cent devaluation of the 
dollar and an experiment in 
which major currencies were 


fixed against a non-convertible 
dollar within wider margins. 
The parities only held until 
early 1973. 

1972: Formation of the EC 
“ snake,” in which currencies 
were fixed within bands of 225 
per cent against each other. It 
was decided the currencies as a 
whole could diverge within a 
4.5 per cent band against the 
dollar. The UK joined but with- 
drew after only six weeks. 

1973: Dollar devalued by 10 per 
cent. Next day the yen and the 
commercial lira were allowed 
to float The EC decided to 


maintain stable exchange rates 
among members and float freely 
against the dollar. 

1973: The first oil shock and the 
start of a period of turbulence 
on foreign exchange markets. 
1979: The European Monetary 
System was set up to consolidate 
and extend regional fixed rate 
arrangements. 

1985: The Group of Five met at 
the Plaza Hotel in New York 
and agreed to bring down the 
value of the dollar. 

1987: The Group of Seven 
agreed to stabilise exchange 
rates at around their current 
levels at a meeting in Paris. 


Janet Bosh 


Western suits 


Financial Services Act. That 


was only to be expected; the 
switch from self-regulation and 
club rule to practitioner-based 
regulation within a statutory 
framework was bound to be 
painful for most of those in- 
volved. But the starting d3te 
for the Financial Services Act, 
which will implement the new 
system, has already been 
deferred once and City interests 
were closely consulted through- 
out the passage of the bill. It 
seems highly questionable 
whether this is the moment to 
slow the impetus towards a full 
system of investor protection. 


That is not to say that the 
City's criticisms are wholly 
without foundation. The draft 
rule book of the Securities and 
Investments Board (SIB), the 
City's new watchdog, is unques- 
tionably cumbersome and legal- 
istic. So. too. are those emerg- 
ing from the Self Regulating 
Organisations (SROs) in the 
City, which the SIB is shortly 
expected to recognise. And 
there is not much doubt that 
some members of the SIB’s staff 
have erred on the side of 
bureaucracy in their examina- 
tion of the SROs’ rule books, 
wherebv thev seek to establish 
whether the rules provide an 
equivalent standard of protec- 
tion to those of the SIB, It has 
become clear in the course of 
the summer that the new 
system is not working quite as 
originally intended or as the 
City had hoped. 


The problem here ia that 
section 62 constitutes the chief 
means of enforcing the provi- 
sions of the act. It also repre- 
sents an attempt to codify 
forms of protection that already 
exist for Investors under 
common law. And it is hard 
to see bow implementation 
could be deferred without pro- 
voking a monumental political 
row. If the law was regarded 
as necessary by the Government 
before the general election, 
failure to push it through now 
would invite accusations of a 
cynical sell-out to the City, while 
raising complex Issues for legal 
policy. So what else could Lord 
Young, the Trade and Industry 
Secretary, reasonably do? 


In Peking 


When the Chinese communist 
party threw its annual party for 
diplomats and journalists in the 
great half of the people. Peking 
this week the event was surely 
a victory for the country’s re- 
formers. 


Western suits heavily out- 
numbered the Mao suits 
favoured by the “ conservative 
communists. 


s» 


City concent 


His initial response to City 
complaints has been to rally to 
the support of the SIB, while 
simultaneously reassuring mar- 
ket practitioners that he expects 
the SIB and the SROs to operate 
with all the flexibility that the 
act permits. He has also 
pledged no further delay on the 
implementation of the new sys- 
tem. All of this makes sense, as 
does the more conciliatory 
stance that Is becoming apparent 
at the SIB. At this stage it 
would be fatal to undermine the 
SIB's authority or for the 
atmosphere to be soured by fur- 
ther acrimonious argument. 


China’s premier. Zhao Ziyans, 
has attempted to play down the 
signifi c ance of fashion in 
Chinese politics. He recently 
told an American journalist that 
he has never been criticised for 
wearing western suits. He did 
confess, however, that be would 
prefer a suit without the tie, 
which he “uncomfortable 


ei 


Legalistic rules 

Much of the problem stems 
from section 62 of the new act. 
This gives individual investors 
the right to sue it they have 
lost money as a result of a 
breach of the rules. In cor.s- 
auence, the oTB and the SROs 
have been obliged to frame 
their rule books in a legalistic 
way because each rule potenti- 
ally exposes practitioners to 
legal liability. Hcncc the incom- 
prehensibility of many of the 
rules. Hence, too, an appeal 
this week by the chairman of 
The Securities Association, the 
SRO for the Eurobond markets 
and the domestic stock market, 
for some delay in implementing 
the section. If the new system 


But there is still some ques- 
tion in Whitehall about 
whether City concern over sec- 
tion 62 could be allayed by de- 
ferring some of the more con- 
tentious parts of the new rule 
books which seem most likely 
to give rise to litigation. Yet 
in practice most of the issues 
they are still giving rise to diffi- 
culty, such as capital adequacy 
and the treatment of clients’ 
money in the securities and 
futures markets, are not the 
ones where the threat of legal 
action is the problem. 


At this late stage the priority 
should be to continue along the 
lines already proposed by Lord 
Young and to put the system 
into operation as soon as pos- 
sible. It should then be 
subjected to frequent and 
pragmatic review to ensure that 
adequate Investor protection is 
not incompatible with flexible 
market practice. 


The premier was the star of 
the show at the party, and 
shortly after completing a 
speech calling for an expansion 
of the reform programme, be 
was mobbed by Chinese and 
foreign photographers and lost 
in a western-style media crush. 

However, our man in Peking 
reports that most of the senior 
Communists present proved coy 
when they were confronted by 
journalists. Li Feng, a vice- 
premier tipped to be the next 
premier, was asked what would 
happen at a major congress of 
the party later this month. He 
simply smiled knowingly and 
said: “We will perfect the 
socialist planned commodity 
economy.” 

Some of the ambassadors 
among the guests were embar- 
rassingly eager to meet their 
favourite party persons. They 
feigned nonchalance, and gave 
non-committal diplomatic 

glances whenever a Chinese 
leader came their way. But 
they did position themselves 
so that be was forced either to 
bump into them or offer a toast- 

Protocol demanded the latter. 

The revellers included 
General Yu Qiuli, who at 74, is 
a Long March veteran and one 
of the few uniformed men re- 
maining in the politburo. 

When asked tf he would re- 
tire at the next congress, the 
general said, “I want to retire 
but X don’t know whether the 
parly will let me." 


Men and Matters 


"leftists" who are Marxist sym- 
pathisers. Some of them, he 
says, are on the presidential 
staff. But he refuses to name 
names. 


Zenith. 


other long-marchers who 
are still trudging the political 
road will not give up easily. 
The general went on to say, 
“You cant measure age in 
years. If a man has energy and 
a quick wit you can’t make him 
retire." 

So there. 


Brief encounter 


London solicitors are speeding 
up their attempts to adjust to 
a changing world. 


Following a merger between 
two leading London law firms, 
Lovell, White and King, and 
Durreht Piesse. this week, an- 
other major London law firm, 
Nabarro Nathanson, has appoin- 
ted a professional manager. 


Dr John Hooper, formerly 
chief executive at the chartered 
institute of building, yesterday 
became chief executive at 
Nabarro Nathanson. He has 
been given overall responsi- 
bility for the direction and 
management of all support ser- 
vices to the practice. 


Jeffrey Greenwood, Nabarro’s 
senior partner, says they see 
the appointment as a significant 
step forward in the firm’s deve- 
lopment. It will free the 
partners to concentrate on the 
legal work. 

Hooper’s previous manage- 
ment experience has included 
jobs with Glaxo and the Open 
University. 


Aiming low 


It is clear that he and the few 


Professor Eric Ash. rector of 
Imperial College, London, last 
night poked gentle Am at the 
government’s attempts to 
restructure funding for British 
science as a way to get greater 
economic benefits. 

“Aim low," he counselled the 
Institution of Electrical Engi- 
neers on his first night as its 
new president “Let us be con- 
tent with not getting it dread- 


fully wrong,” he went on in 
a text which drew its inspira- 
tion from Swift’s Gulliver’s 
Travels. 


Observers believe that 
although Laurel is trying to 
restore himcaif as a credible 
political figure, the mosquitos 
are likely to be dining on him 
for some time to come. 


Ash, an electronics man and 
head of one of Britain's biggest 
research institutions, is all for 
scrutinising the scientific dis- 
ciplines to sort out those most 
likely to lead to fruitful appli- 
cation. He acknowledges that 
political criticism of the acade- 
mic co mmuni ty for falling to 
make best use of scientific 
resources has some justification. 


Spanish major 


A new Spanish oil giant gushes 
onto the European stage this 
week. 


As he sees it the true situa- 
tion in research is rather like 
parenthood — impossible to get 
right. “All you can hope for 
is not to get it too terribly 
wrong." 


RepsoL which has instantly 
become the nation's largest 
industrial group, has risen from 
the former INH state-owned 
Spanish energy group. It 
boasts a turnover of $7bn, and 
has a staff of 19,000. It is cal- 
culated to be the seventh- 
largest European oil company. 


Outside the net 


Soon after Salvador Laurel was 
sworn in as vice-president to 
president Corazon Aquino of 
the Philippines 19 months ago, 
he began to complain that he 
was being “left outside the 
mosquito net” — a fate that 
Filipino wives usually reserve 
for erring or drunken husbands. 


The man who wiH be leading 
Spain’s answer to the majors 
is Oscar Fanjul, aged 38. He 
has swapped the life of an 
academic for the trials of being 
an industrialist. He has been 
given leave of absence from his 
duties as professor of econo- 
mics at the Independent 
University of Madrid. 


One quality the new chair- 
man will not lack Is stamina. In 
his early days he was a mara- 
thon runner, though jogging is 
all he now has time for. 


The marriage of convenience 
that was reluctantly joined to 
fight former president Ferdi- 
nand Marcos, has now been dis- 
solved. 

That leaves Laurel in the un- 
usual position of being an 
elected vice-president in open 
revolt against the elected presi- 
dent. 


Sure verdict 


Another putdown Tm afraid for 


that promising playwright Jef- 

d his new i 


His first attempt to embarrass 
the government, however, has 
fallen flat. Laurel has loudly 
trumpeted that he has a report 
prepared by Philippine intelli- 
gence chiefs, showing that there 
are " communists " In the 
government. 

But Mrs Aquino has told 
Laurel, in effect, that the report 
is a figment of his imagination; 

Now Laurel has watered 
down his accusations. The 
government is no longer har- 
bouring “ Communists," but 


frey Archer and his new play. 
Beyond Reasonable Doubt. 

The following exchange was 
overheard the other day at a 
Thames Television lunch to 
announce the winner of its 
young playwright scheme — an 
affair presided over by John 
Mortimer, the barrister who 
created Rum pole of the Bailey. 

The literary man from The 
Times said he should have got 
John Mortimer to review 
Beyond Reasonable Doubt 
“Someone should have got 
John Mortimer to write it." 
replied the literary man from 
The Guardian. 





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Financial Times Friday October 2 1987 


27 


► 

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# 


THE BRrriSH Labour Party Is 
wgQ on the way to becoming 
.{be British conservative party 
with small tetters. 

That is the best way at 
exp hrinte g the extraordinarily 
qutet' jmd subdued 
that ends in Brighton today. It 

is true that there hate been 
flttrifles on' the sidelines and 
sometimes even in the ™ ai " 
haH* But they .have been as 
nothing compared to the die* 
pates of previous years. 

One reason for the relative 
decorum is that Labour seems 
to have watched with fascina- 
tion the Social Democratic 
Party apparently tearing Itself 
apart throughout the summer. 
It was a salutary lesson. Labour 
was determined not to behave 
like that. It has also been en- 
couraged to believe that the 
threat of a third force in British 
politics is receding, 

A deeper reason, however, is 
that the party aa a. whole now 
fully accepts the jffae of its de- 
feat in the general election last 
Jane. It was devastating. The 
best that can be said about it 
is that Labour won the chance 
to fight again. Aa Mr Bryan 
Gould, one of the basest of the 
conference performers ad- 
mitted, if it loses a fourth tima, 
the very future of the party will 
be in doubt. 

fi ds HO good Ijfhniw paKng 

up votes in Scotliand and {he 
north of England. It is CEie 
failure dn «he south which lias 
been noted and which illustrates 
the length of the road 

From this two consequences 
have flowed. The first is that 
the party must come to teams 
wfith affluence and the second 
is that it most accept that many 
of the changes introduced 3y 
Mrs Thatcher in toe past eight 
years are here to stay. 

Probably the most memor- 
able quote of the conference 
came from Ur Neil Kixmoefc, 
the party leader, himself quot- 
ing Mr Bon Todd, the general 
secretary of the Transport and 
General Workers* Union. 

“ What, ” Mir Todd had asked, 
“do you say to a docker who 
earns £400 a week, owns his 
own house, a new cor, micro- 
wave and video, as well as a 
small place near Marbella? 

“You do not say — let me 
take you out of your misery, 
brother." 

There was plenty of contro- 
versy about that, of course. It 
was pointed out that many 
Labour supporters earn less 
than £400 % month. It was 
thought that the reference to 
dockers contained more than a 
touch of mate chauvinism. 
Many of the lowest paid 
workers are women and women 
are beginning to play more of 
a role in the Labour Party. 

Still, Mr Klnnock and Ur 
Todd between them had hit a 


Politics Today: Labour 

■ ■ m 

at Brighton 

■ ■ • 

Waiting for 
the country 
to turn 

■ 

conservative 

By Malcolm Rutherford 



Conference faces: Ron Todd (left) and Nell Khmock 


nail on the head. The point 
was made perhaps more tact- 
fully by Mr Larry Whltty, the 
party's general secretary, when 
he spoke about a middle group 
of the electorate. These people, 
he said, were middle income, 
owned their own house, hold 
maybe a few shares, but were 
in no sense a new plutocracy. 
Moreover, they existed in all 
parts of the country. They are 
the people Labour has to win 
over If it is to revive. 

Much of the conference was 
about how, and it cannot truly 
be said that anyone is much 
wiser by the end. Partly this 
is because all Labour Party 
policy is now officially under 
review and the first draft docu- 
ments will not begin to appear 
until next year. It is also be. 
cause the various factions are 
still sizing each other up. None 
of them wants to be accused 
of unduly rocking the boat 
Not least, there seems to be a 
good deal of genuine dfiubt 
about how revisionist the party 
ean or should be.. Mr Klnnock 
often talks as if he is ready 
to jettison most of the old bag- 
gage, . but he does not always 
follow through. 

Defence policy Is an example. 
Mr Ken Livingstone, the newly 
elected member of the national 
executive committee ami MP 
for Brent South, gave a warn- 
ing that Mr Kisnock would be 
risking civil war In the party If 
be sought to abandon the non- 
nuclear approach. Reassurances 
were quickly forthcoming. that 
the leader has no Intention of 
doing any such thing; So per- 


haps nothing much has 
dung ed. 

What has certainly not 
changed, and may have been 
cemented, is the party's rela- 
tionship with the trades unions. 
The only fundamental decisions 
taken this week concerned the 
method of .selecting and' re- 
selecting parliamentary candi- 
dates. The idea was to get 
away from selection by small 
militant groups towards a wider 
franchise. - One system on offer 
was direct democracy or one 
member one vote, bestead, with 
no objections from Mr Kixmock, 
the conference chose an elec- 
toral college that will give the 
unions 40 per cent of the vot- 
ing power In the constituencies. 


That was deliberate. Mr 
Kinnock did not want a fight 
with the. unions and the bulk 
of toe union leaders did not 
want a fight with him. The new 
sy s te m may be transitional — 
Mr Todd seemed to be hinting 
at a period of about 10 years. 
But the immediate point is that 
the union leaders still regard 
themselves as the guardians of 
the Labour Party, as well as 
toe paymaster, and they want 
something in return for their 
money. Mr Khmock is happy 
to ac cept that arrangement. 

As It happened, the unions— 
or sufficient of them— came 
dramatically to Hr Kbmock’s 
rescue in a key vote on Wed- 
nesday afternoon. For a few 
moments it looked as if the 
conference had passed by a 
show of hands a resolution that 
would have committed a Labour 
government to take back into 


Airports 

policy 


From the Chairman and 
Chief Executive, Britannia 
Airways. 

Sir, — Sir Adam Thomson 
(September 22) argues that the 
policy for Gatwick is unrelated 
to the proposed takeover of 
BCal by British Airways. 
Government policies over many 
years, however, promoted BCal 
as the "second force" air- 
line, encouraging it to stay at 
Gatwick to compete with BA, 
which in turn has its own 
impregnable fortress at Heath- 
row, Without modification of the 
present policies for Gatwick, BA 
stands to inherit these very 
advantages which were pro- 
vided to create competition 
against BA. 

I agree with Sir Adam; the 
needs of business passengers 
must be considered fully. They 
do mind from which airport 
they fly— but so do leisure 
passengers who make up the 
majority of all ex-UK inter- 
national passengers. Currently, 
over 80 per cent of all such 
passengers travel for leisure 
reasons and only some 16 per 
cent for business — and this 
business percentage continues 
to decline. To equate scheduled 
traffic with business is a myth 
and in this case, one designed 
to achieve political favours for 
commercial ends. 

That hubs are good for toe 
consumer is another myth. Bubs 
are necessary, but only up to a 
certain point. As a generalisa- 
tion, hubs are good for airlines 
— not passengers. Host 
passengers seek to fly from 
point to point, not via an inter- 
mediary hub. 

The development of Gatwick 
as a major scheduled hub de- 
lays the development of direct 
scheduled flights from regional 
airports. Not only does it draw 
into Gatwick more lightly loaded 
"feeder" flights, reducing air- 
port efficiency, hut it denies Pro- 
vincial passengers the oppor- 
tunity f°r more direct scheduled 
flights. It would also deny 
local residents a choice of char- 
ter services from Gatwick; their 
regional airport. 

Today, charter airlines 

operate from local airports 

across the country. 

British, charter airlines 
now operate nearly 400 regular 
routes into Europe, compared to 
scheduled airlines which pro- 
vide half that number. It is 
charter which provides the com- 
petition in Europe today. A 
study of scheduled fares shows 
that on those routes where 
there is no charter competition, 
fares are about 40 cent 
higher per passenger mile than 
on routes where there is sig- 
nificant charter competition. 

Another myth is the conclu- 
sion that anyone llvinu north 
of the Thames should fly from 
Luton or Stansted. The 


■ I ■ 


Letters to the Editor 


Thames is a somewhat arbitrary 
dividing line. Even Victoria 
Station which feeds Gatwick is 
north of the Thames, as is the 
West End and the City of Lon- 
don! 

Sir Adam argues that many 
charter operations only use slots 
for short peak periods and these 
should be moved to make way 
for additional scheduled ser- 
vices. There Is no need for any 
such legislation. The existing, 
internationally agreed and prac- 
tised, slot allocation system al- 
ready takes account of such 
situations. 

The business passenger has 
genuine needs at Gatwick. So. 
too, does toe leisure passenger. 
Reconciliation of these some- 
times conflicting needs is the 
difficult task ahead. In seeking 
resolution, it is essential to con- 
sider the needs -of the pas- 
sengers rather than any narrow, 
sectional, commercial interests. 

The future policy for Gatwick 
is inextricably linked with the 
BA /BCal merger. Consumer 
Interest demands a solution 
allowing scheduled and charter 
flights at Gatwick to operate on 
an equal basis. 

D. H. Davison. 

Luton Airport, Beds. 

m 

Hie housing 
market 

From Mr N. Bowie, 

Sir, — If the Government is 
seriously minded to restore the 
rented housing market it needs 
to make some radical changes 
and not just tinker with it as 
Mr Ridley has done in the 
White Paper. 

Landlords, . as Mr Ridley cor- 
rectly states, need an adequate 
return on the capital employed, 
but the resulting rent is right 
out of reach of the ordinary 
person with e modest income In 
relation to what they can afford 
to pay. 

The remedies are simple: 
release much more land with 
some increase in densities so 
that' prices fall as the land 
content in a house price comes 
down to an economic level of 
say 20 per cent of the total 
price; place the tenant in the 
g j>mg fiscal position as the 
house buyer and allow rent up 
to say £3,000 pa to be a tax 
deductible allowance; and, 
allow toe owner to depreciate 
the building cost against rent 
over say 60 years. 

If this is done, once again the 
people in the country will 
enjoy a free market and be 
able to choose where to live at 
a price — buying or renting — 


they can afford. At the same 
time pressure on earnings doe 
to the unrealistic rise in house 
prices will vanish. 

N. W. Bowie, 

1 Uplands Close SW14. 

Self -regulating 
codes 

From Mr P. Circus. 

Sir, — In an otherwise excel- 
lent article on self-regulation 
(September 24), Feona McEwan 
makes gome condtodins 
remarks which, white true of 
the ICC codes, wotfld be mis- 
leading if readers took them to 
be comments related to self- 
regulation in general. 

She says that self-regulation 
is seldom able to exercise 
sanctions on members. In fact, 
a whole variety of sanctions 
exist in relation to self- regula- 
tory codes, ranging from expul- 
sion from a trade association 
to adverse publicity. Anyone 
who has experience of business 
wiH know how potent a sanction 
toe_latter is. 

The advertising industry, for 
example, has a particularly 
successful system of self-regula- 
tion, to a large extent because 
of the wttHngness of the media 
to withhold space from an 
advertiser who breaches the 


Feona McEwan says that self- 
regulatory codes have little or 
no influence on nonmembers. 
While this is, I accept, a tradi- 
tional argument against self- 
regutetioc, it can be taken too 
far. There are numerous 
instances of reputable traders 
who, although not in member- 
ship of a particular trade asso- 
ciation, nevertheless adhere to 
the standards encapsulated in 
the association's code of 
practice. So, for example, 
although the Radio Times is not 
in membership of any of the 
sponsoring bodies of the adver- 
tising seif-regulatory system, it 
nevertheless supports the 
British Cede of Advertising 
Practice and insists that 
advertisements must comply 
with its standards. 

We must not overlook the 
wqy in which a code of practice 
can set toe parameters of what 
is considered fair trading with- 
in an industry. This was 
illustrated by a recent case 
under Part m of the Fair 
Trading Act where the court 
demanded that a trader com- 
plied with the relevant trade 
association code, even though 
the trader was not a member 
of that association. 

The important point is that 
the role of the ICC code has 
largely been that at providing 


public ownership everything 
that has been or will be 
privatised by the Tories. A 
famous card vote was then 
called and enough of toe unions 
did their stuff for toe resolu- 
tion to be rejected. As a pro- 
tection against toe constituency 
activists, the unions can be a 
useful conservative force. 

Conservatism, however, is 
what it is; not radicalism. The 
debate in the Labour Party may 
have changed from how much 
of Thatcherism should be re- 
jected to how much of it 
should be accepted, but the 
party does not initiate and does 
not produce new ideas of its 
own. 

The discussions on wider 
share ownership scarcely broke 
new ground. Given Hr Gould, 
the shadow Trade and industry 
Secretary, who sometimes seems 
to be conducting a softening-up 
process for Mr Kinnock, was 
pushing only for a measure of 
acceptance of what the Govern- 
ment has already done, coupled 
with giving shareholders a 
greater say in the management 
of the company they work for. 
The latter part of that case was 
an idea put forward by toe 
Labour left over 20 years ago, 
as toe veteran Mr Ian Mikardo 
was unkind enough to remind 
him. It was then rejected by 
the Labour right 

Discussions on economic 
policy were virtually non- 
existent Ur Robin Cooke, the 
shadow spokesman for Health 
and Social Security, complained 
last year that only 11 eonsti- 


inspiratom for national sys tem s 
of self-regulation. Accordingly, 
it s t ands to be judged on some- 
what different criteria to those 
which would apply to a national 
system with a major adjudica- 
tory role. 

Philip J. arcus, 

(Director for Legal Affairs), 
Institute of Practitioners 
In Advertising, 

44, Belgmoe Square SW1 

Uncovered 

market 

From Mr R Butt 

Sir, — I have come across a 
number of references lately 
regarding the value of the 
services of a housewife in run- 
ning a home and looking after 
Children. The most recent of 
these was to a Legal and 
General report giving an 
annual "value” of £20,000. 

Recently, I have been seeking 
additional life and private 
health Insurance cover for my 
wife to m»teh our hang in g 
circumstances. My major find- 
ings are that while appropriate 
life cover is available to this 
quoted * value," it Is apparently, 
not pos sible to obtain corres- 
ponding FBI cover. The reason 
gfven Is that it is difficult to 
"verify” claims on a PHI 
policy from a non-wage earner. 

I believe that the insurance 
industry may be miccing 
opportunity here in being un- 
willing to provide the "com- 
plete " cover represented, for 
instance, by the combination of 
term assurance PHL 

R. J. Butt. 

48, Blenheim Avenue, 

Gants HtQ, 

Ilford, Essex. 


tuendes submitted a resolution 
on the economy. This year there 
were only eight 

Mr John Smith, the new 
shadow Chancellor, made only 
one three-minute speech at the 
conference proper and was not 
going out of his way to address 
fringe meetings. However when 
be spoke, he said nothing new, 
stressing largely the need to in- 
crease investment in manufac- 
turing and to maintain a 
regional policy, much as he did 
when he was shadowing Trade 
and Industry. 

One of toe biggest cheers at 
toe conference came when 
someone announced that Mr 
Keith Best, the former Tory 
MP who overdid his share appli- 
cations, had been sentenced to 
prison. In other words, toe dis- 
cussions were hardly main- 
stream. Labour economics dons 
went around complaining that 
the party had still not heard 
of the supply side. 

There were also one or two 
undercurrrents which suggested 
that toe party's professed 
search for modernity may be a 
bit of a facade. Thus Mr Tom 
Sawyer, deputy leader of the 
National Union of Public Em- 
ployees and a man who has 
played a large part in trying 
to bring toe party op to date, 
told the Tribune Rally that now 
he was among friends he could 
qpeak candidly. " We are a class 
party," be said. "We're based 
on the working class and can- 
not advance without the work- 
ing class being at toe centre 
of everything that we do." 

The Tribune Rally, inciden- 


tally, is no longer what it was. 
It used to be packed out, almost 
the main event of the week. 
This time it was at most half 
full, and while the standard 
bearers of toe left still put 
down their markers, one had 
the impression that some of 
them were doing it with a 
friendly smile rather than 
through the clenched teeth of 
the past 

And that really was the mood 
of the conference: looking for 
the best in pretty appalling 
circumstances. It won high 
marks for trying and the party 
still has some valuable assets. 
The Labour front bench looks 
remarkably young: not only Mr 
Gould and Mr Cooke, but per- 
haps particularly Mr Jack 
Straw, toe shadow Education 
Secretary, who made one of toe 
best conference speeches of toe 
lot and will be a formidable 
opponent for Mr Kenneth 
Baker, the Education Secretary, 
when parliament resumes. The 
new black and toe new women 
Labour MPa will help stir the 
place up. Us Diane Abbott, the 
member for Hackney North, has 
the advantage of being both. 

Nevertheless, outside obser- 
vers would probably have con- 
cluded tost they had been at a 
very conservative conference 
with a few -mavericks on the 
fringe. Mr Kttnnock, in his own 
words, is looking forward to the 
time when the oil wfiU have run 
out and there is nothing left to 
privatise. At that stage toe 
country might want to become 
conservative again. He is doing 
best to prepare for M. 


Lombard 


Scientists and 

Philistines 


BT easy pay 
ploy 


From Mr B. Bosworth 

Sir.— It is good to read that 
British Telecom is now making 
profits although it is s pity 
that efficiency and good 
customer service has nothing 
to do with it Its latest ploy, 
however, to improve profits 
seems underhand. 

My secretary ' has received 
her domestic telephone bill 
amounting to £45.50. At the 
end of the bill there is a note 
“Pay nothing now. Pay by 
budget account at £20.00 per 
month. (APR 0%) First pay- 
ment October.” 

APR 0% — when it is asking 
for £60 per quarter for a £45.00 
bill ! How many customers will 
fall for this easy payment plan 
ploy and find themselves over- 
paying their bills? British 
Telecom will, of course, repay 
the credit but it will be mak- 
ing a fortune in earned interest 
in toe meantime. 

Bruce N. Bosworth. 

82 a Worcester Hoad, 

Hagley,. 

Stourbridge , 

W. Midlands. 


THE DEBATE has officially 
started on bow to direct UK 
science and technology to meet 
the country’s needs. A likely 
result — and one which involves 
some dangerously muddled 
thinking — is the channelling of 

more resources to back what are 
deemed commercially exploit- 
able technologies, at toe ex- 
pense of non-focused scientific 
work where any corporate pay- 
offs are decades away. 

Discussions are being held 
under the auspices of a new 
government committee, toe 
Advisory Council on Science 
and Technology (ACOST). This 
body, which had its first meet- 
ing this week, is to suggest to 
ministers how to allocate priori- 
ties within the Government's 
Research and Development 
budget, which totals some 
£4.5bn a year, and how best for 
researchers in academia and 
state-owned laboratories to work 
with the private sector to maxi- 
mise commercial spin-offs. 

The council has been set up 
within a climate — created by 
Mrs Thatcher, among others — 
which suggests that Britain's 
academic researchers have 
failed the country by not being 
pushy enough in getting their 
ideas applied in business. 

What needs to be done, 
according to this argument, is 
to devise a plan for science and 
technology in which Industrial 
leaders have toe major say. 
ACOST, which includes busi- 
ness heavyweights from com- 
panies like Rolls-Royce and 
British Telecom, ds one result 
of this risking - Another is a 
new official think-tank, to be 
financed largely by Britain's top 
companies, on how Britain can 
best exploit science and tech- 
nology. 

The inference of all this Is 
that scientists in pure research 
who cannot show a precise link 
with commercial exploitation 
will find it increasingly difficult 
to gain f unds. The effects are 
already becoming clear, as 
manifested by the squeals of 
complaint in toe past year from 
academic scientists 

No one would dispute that in 
many research areas close links 
between industry and academic 
scientists are important. The 
onus, however, should be on 
industry to chase after interest- 
ing academic work, not the 
other way around. University 
dons should be able to justify 
doing research on the grounds 
that it is scientifically appeal- 
ing not because it may at some 


Of iteoai onfc 


, H i h ■■ 


point be commercially lucrative. 

There are many examples — 
the invention of toe electric 
motor and the transistor among 
them — of unfocused research 
programmes leading ultimately 
to huge industrial benefits. 
Britain’s pharmaceuticals In- 
dustry, the country’s fourth big- 
gest earner of manufacturing 
exports, has relied for its suc- 
cesses in the past decade on 
the country’s research strengths 
in biology built up over 50 

years. 

Take, also, space research. 
Mrs Thatcher has used the 
general lack of interest of UK 
Industry in extraterrestrial 
activities to support her case 
for a freezing of Britain's space 
budget, which is already piti- 
fully small by international 
standards. 

The point here is that — in 
much the same way as no one 
in 15th-century Europe could 
have detailed the commercial 
logic of discovering America — 
the benefits of space research 
cannot be visualised. Exploring 
beyond the atmosphere is also 
a valid exercise on intellectual 
grounds. Governments should 
support it in the same way as 
they underwrite the building of 
libraries or subsidise theatre 
performances. 

One way in which proponents 
of the new philistinism in UK 
science seek to justify their 
proposals is by pointing to 
Japan. That country has made 
rapid economic progress in the 
past 30 years by channelling 
resources towards short-term 
applications of technology 

Even if it were possible for 
Britain to copy the Japanese 
methods of the past, such a 
move would be unwise. Govern- 
ment and industry leaders in 
Japan believe that future indus- 
trial successes will depend on 
pure scientific work, in areas 
like biochemistry and materials, 

Japan has realised that toe 
best of all worlds is to produce 
a healthy tension between 
applied and pure forms of 
science, with the results from 
either side of the research 
spectrum available to help 
industry. In Britain in recent 
years there has been a new 
understanding, which is in 
general welcome, of how indus- 
try can achieve some of its 
short-term goals through work- 
ing with academia. The chal- 
lenge now is to ensure that 
nothing happens to stop toe 
longterm studies which may 
benefit companies in the next 
century. 


September 1987 


O 


The Republic of Turkey 


¥29,500,000,000 

Term Loan 


Co-finandng with the 

International Bank for Reconstruction and Development 


Lead Managed by 

The Bank of Tokyo, Ltd. 

■ 

The Dai-ichi Mutual Life Insurance Company 
The Industrial Bank of Japan, limited 
The Mitsui Bank, Limited 
The Sanvra Bank, Limited 
Sumitomo life Insurance Company 


The Tokai Bank, limited 


The Dai-ichi Kangyo Bank, Limited 

The Fuji Bank, Limited 
The Mitsubishi Bank, limited 
Nippon life Insurance Company 
The Sumitomo Bank, Limited 
The Taiyo Kobe Bank, Limite d 
The Yasuda Trust and Banking Company, Limited 

Co-Lead Managed by 

The Hachyuni Bank, Ltd. 

Managedby 

Hie Daftra Bank, Timifpd Nippon Trust Bank limited 

The Yasuda Mutual Life Insurance Company 

Co-Managed by 

The Bank oflkeda, lid. The Saftama Bank, Ltd. 

Provided by 
Tranche A &B 

The Bank of Tokyo, lid. The Dai-ichi Kangyo BmI, limited The Dai-ichi Mutual life Insurance Company 
Hie Fqji Bank, limited Tim Industrial lbnlf of Japan, limited The Mitsubishi Bank, limited 

The Mitsui Bank, limited Nippon life Insurance Company The Samra Bank, limited 

Sumitomo Finance (Middle East) E.C. Sumitomo life Insurance Company The Taiyo Kobe Bank, limited 
The Tokai lbnit, limited The Yasuda Trust and Banking Company, limited The Hachfjuni Bank, lid. 
Tlie Dahra Bank, limited Nippon host Bank limit ed The Yasuda Mutual life Insurance Company 

The Bank of Ikeda, Ltd. The Saitama Bank, Ltd. The Bank of Osaka, lid. 

The Kofbka Sogo Bank, Ltd. The Kyod life Insurance Co, Ltd. Nippon Dantai Life Insurance Co^ Ltd. 

Tokyo Mutual life Insorance Company 


Inter 




ThmcheC 

ad Bank for Reconstruction and Development 


ThmcheA Agent 

The Mitsubishi Bank, Limited 


Tranche B & C Agent 

The Industrial Bonk of Japan, limited 














BIGWOOD 

&BEWLAY 



FINANCIAL TIMES 


CHARTERED SURVEYORS 
01-499 9452 021-200 3111 


Friday October 2 1987 


Newport 


FOR YOU. 



Tel: 0633 246906 



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market with a 55 per cent share. 
Other ’cash-absorbing" activi- 
ties, including commodity trad- 
ing. property development and 
financial services, had little to 
contribute, it said. 


not for sale.* " its nearly 15 per cent stake In 

Berisford described the offer Berisford for 348Vbp per share, 
as "an opportunist attempt to! to the company’s directors and 
exploit a minority stake ae-. the Chicago-based Pritxker Fam- 


quired from previously unsuc- 
cessful bidders and to by to buy 


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SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIME 




THaWNE;OI~60616n 


Friday October 2 1987 


yogurt / 


GRAND METROPOLITAN 

adding value SB i 



. ■ , ' r • ■ ■ 

Hill Samuel in takeover 
discussions with TSB 


BY CUVE WOLMAN IN LONDON 

J H l bL SAMUEL, the troubled Britr 
ash. merchant bank, yesterday sus- 
pended dealing in its shares on the 
London Stock Exchange while its 
executives were locked in complex 
negotiations with, the Trustee Sav- 
ings Bank hanking gronp (TSB) and 
the securities Euan, Barclays de Zo- 
ete Wedd, over the terms of a take- 
over bid. 

The shares were suspended at a 
price of 705p after rising sharply 
during the morning from 684p. Any 
announcement of an agreed bid, al- 
though possible today, is likely to 
be' delayed until Monday to allow 
some of the deals details to be ham- 
mered out over the weekend. 

The price of the bid is likely to be 


substantially above the 745p-750p-a- 
share offer for Hill Samuel made by 
the British advertising agency 5a- 
atchi and Saatchi, which was reject- 
ed by the Hill Samuel board two 
weeks ago. The offer valued the 
company at £690m (5L12bn). 

Under the ag reem ent now being 
negotiated, the TSB would acquire 
the investment management, life 
insurance and unit trust operations 
of HiD Samuel while BZW would 
acquire the corporate finance de- 
partment 

A home has also been found for 
Wood Mackenzie, the securities 
firm with a strong research team 
which was acquired by Hill Samuel 
last year, possibly with a US institu- 


tion. But no details of the arrange- 
ments for Wood Mackenzie or for 
the insurance broking, emp loyee 
benefits and shipping businesses of 
Hill Samuel emerged yesterday. 

Last month Hill Samuel dismis- 
sed the head of its corporate fi- 
nance department, Mr Trevor 
Swete, and his deputy, Mr Christo- 
pher Roshier, for negotiating the 
sale of HID Samuel’ s corp orate fi- 
nance department to BZW. 

In August discussions over the 
possible acquisition of Hill Samuel 
by the Union Bank of Switzerland, 
a move which was strongly support- 
ed by the hoard, ended in failure af- 
ter UBS said it was no longer inter- 
ested in acquiring the group. 


■ 

CBS studies record unit future 


BY OUR FINANCIAL STAFF 

CBS, the US media group which 
has been undergoing a large rest 
lecturing, said yesterday it was stu- 
dying several courses of action for 
CBS Records Group, the unit which 
Sony, the Japanese consumer elec- 
tronics group, is seeking- to acquire. 

The statement by CBS followed 
intense speculation on Wall Street 
that a sale might be announced. 
CBS stock jumped S9¥< to S22534 on 
Wednesday, but the market ap- 
peared less certain yesterday, and 
investors took profits. After the 


statement the company's stock was 
down $1% to S224. 

The aim is to “maximise share- 
holder value in the short mid long 
term," CBS said in its short state- 
ment yesterday. 

“Further consideration by the 
CBS board is planned at its regu- 
larly scheduled meeting on October 
14,” the company said. 

The company added that its 
board bad held a special meeting, 
early yesterday to consider the fu- 
ture of the records unit, which Wall 


Street believes could be worth 
S1.25hn in a sale and whose record- 
ing talents include rock star Bruce 
Springsteen. 

Sony first approached CBS in 
mid-September, expressing an in- 
terest in a sale. 

The unit has been a star perform- 
er at CBS, helping warnings at a 
time when fee CBS Broadcast 
Group was under pressure. Ana- 
lysts have said Sony would benefit 
by the acquisition of a record com- 
pany, complementing its business 
in audio electronics. 


JMB raises Cadillac Fairview offer 


BY DAVID OWEN IN TORONTO 

JMB REALTY, the Chicago-based 
property company, has changed to 
CS26.95 in cash fee purchase price 
it will offer for each of 5-2m out- 
standing Cadillac Fairview war- 
rants under its previously an- 
nounced C534-a-share or C32Bbn 
(USS1.98bn) takeover of the Toron- 
to property developer. 

In Jufy JMB had . said, that it 


would . purchase the warrants for 
C$24.25 each plus one quarter of a 
second preference share in its 
CPCL Acquisition Corp unit 

The outstanding warrants are ex- 
ercisable into common shares at 
CS9.75 a share until next August 31. 

The move follows JMFs CSlOOm 
reduction in the terms of its pro- 
posed acquisition in July because of 


coming changes in Canadian corpo- 
rate taxation Minmnipwi in June by 
Mr Michael Wilson, finance Minis- 
ter. 

Cadillac Fairview announced last 
autumn that the company was for 
sale and that its principal sharehol- 
ders, fee Bronfman family of Mon- 
treal, were willing to sell their 
shares at fee right prices. 


Rorer stock 

agreement 
ends threat 
to Robins 

By James Buchan in New York 

A THREAT to fee reorganisation 
of A H Robins, fee pharmaceuti- 
cals company operating under 
Chapter li of fee US bankruptcy 
code, fell away yesterday wife 
fee agreement, by important 
family shareholders, to their part 
of an $860m exchange of stock 
wife Rorer, an aggressive maker 
of non-prescription drugs. 

Yesterday's announcement 
opens fee way for a 5L77bn set- 
tlement wife fee hnndreds of 
thousands of women who drove 
Robins into bankruptcy wife 
daiins of severe injur; from fee 
company's Daikon Shield intra- 
uterine contraceptive device. 

It should permit fee creation 
of the safe-largest US over-the- 
counter drugs company, combin- 
ing such well-known products as 
Robttossin cough medicine, 
Chap-Stick lip salve and Maalox 
mbicMa 

In late-night negotiations on 
Wednesday, lawyers for Mr Clai- 
borne Robins and his son, Mr 
Gafborne Robins Jr, finally ac- 
cepted Borer’s terms for the 
large block of Rorer stock the; 
will receive for their 41 per cent 
of Robins. 

The two men, who are chair- 
man and chief executive, have 
already approved the merger as 
board members. 

They had apparently left open 
a threat to seek control of fee 
- merged company or sell out to a 
hostile bidder if Rorer did not In- 
demnify them against personal 
liability for the Daikon Shield. 

Thar demand caused Judge 
Robert Merhige, fee bankruptcy 
court judge who has frequently 
criticised fee two men, to suggest 
fee; resign from fee Robins 
bond because of potential con- 
flict of interest. 

Rorer said yesterday that the 
Robins had agreed not to add to 
their ho lding and settled terms 
ferany future “orderly disposal.” 



Jefferson Smurfit Group p.l.c. 

“I am confident 
that the Group will have an 

outstanding year” 

Michael Smurfit, Chairman 

Interim results for the 6 months ended 31st July, 1987 


Pre-tax profit up 166% to IR£64.2m 
Earnings per share up 136% to 14.2p 
Dividend up 10% to 1.23728p 


In the United States, which contributed 83% of our pre-tax and 
interest profits, all areas of our business are showing improvements 
over last year. Jefferson Smurfit Group also benefited from the 
encouraging contribution of CCA, its associate, to the earnings for 
the period. 

The performance of our businesses in Ireland has been 
creditable in view of difficult circumstances. 

We continue to make progress in returning our UX businesses 
to a position of satisfactory profitability. 

Our new businesses in Holland, Italy and Spain have performed 
well with profits and margin improvements. We are actively pursuing 
a policy of expansion of our core business from this new European . 
base. 

Debt reductions in both CCA and Smurfit Newsprint are 
exceeding our expectations and in the case of CCA would be as 
much as $250,000,000 for the year up to December 1987, 

Copies of the in term statement will besen t to sharEboIdcnandwiBbcmadewmlabletathc 

public at theutmpuny’s registered office. 

Registered Office and Corporate Headquarters 

Jefierson Smurfit Group plc^ Beech Hill, 

Clonskeagh, Dublin 4. Iceland. 


Andrew Baxter looks at Premark Internation aPs debut tour of Europe in search of investors 

New kind of Tupperware party in London 


A SERIES of somewhat unusual 
Tupperware parties is being held in 
Europe this week as Premark Inter- 
national, one of the two major US 
companies that emerged from last 
year’s dismemberment of Dart & 
Kraft, made its debut trip around 
the Europe's financial centres. 

Premark, formed last October 
with 22,000 employees and world- 
wide sales of S2bn, is the inheritor 
of the 25-year-old range of Tupper- 
ware plastic kitchen equipment sold 
by more than 300,000 independent 
dealers working on commission. 

Its name stands for “premier 
trade marks" to denote brand 
names such as West Bend house- 
wares and Hobart catering equip- 
ment 

Yesterday, however, in the slight 
ty lessrthan-homely setting of Pain- 
ters Hall, City brokers and institu- 
tional investors were being wooed 
to buy shares in Premark rather 
than tubs to put in their fridge- 
freezers. 

To aid the process, shares in Pre- 
mark began trading in London yes- 
terday as the company attempted to 


KRAFT REPURCHASE 


KRAFT, fee major US foods 
group formed from fee division 
of Dart & Kraft, said it might 
repurchase up to 10m common 
shares from time to time in open 
market and privately negotiated 
transactions. Kraft has 135.7m 
shares outstanding, and at cur- 
rent market prices fee repur- 


chase of 10m shares would cost 
around 5550m. 

Kraft, whose products include 
processed dairy lines, packaged 
dinners and salad dressings, said 
the repurchased shares would be 
held in its treasury and be avail- 
able for general corporate pur- 


broaden its investor base in recog- 
nition of its international emphasis. 

Around 5 per cent of shares are 
held outside the US, a number 
which the company would like to in- 
crease, while 38 per cent of the Slbn 
in first-half sales were internation- 
al. 

Mr Warren Batts, chairman and 
chief executive, said that fee deci- 
sion to separate the businesses, 
now owned by Premark, from the 
Kraft food interests had been 
proved correct 

“Being diversified was no longer 
an asset," he said of the former 


Dart & Kraft combine. "Without 
question our businesses were not 
performing at a peak.” 

To address this, Premark was fo- 
cusing an improving marketing and 
cost controls, particularly in the US 
Tupperware business, where in- 
creased competition and a general 
downturn in the direct selling in- 
dustry from 1963 have reduced prof- 
its. 

■ 

Mr Batts said big efforts were be- 
ing made to improve the design and 
broaden the uses of Tupperware 
products, including a move into 
Tuppertoys for pre-school children. 


With US women going out to 
work in increasing numbers, and 
therefore unable to hold parties 
during the day, sales demonstra- 
tions were now being beld before 
and after work, at child care centres 
and even at laundrettes. 

Despite these efforts, however, 
Tupperware sales in the US. where 
the company has a 70 per cent mar- 
ket share, wili be flat this year. In 
contrast, the international Tupper- 
ware business is performing strong- 
ly - unit volumes were up 10 per 
cent in the first half - and growth 
prospects are better because pene- 
tration of the market is still only a 
third of the US leveL 

This helped Tupperware contrib- 
ute 49 per cent of Premark’s 589.7m 
in first-half operating profits, em- 
phasising the importance for Pre- 
mark of reinvigorating the range. 

For Premark as a whole, net in- 
come is expected to be about fee 
same this year as fee S60.8m 
earned last year, which excludes 
S148m of writedowns, but earnings 
are expected to accelerate next year 
as a result of actions taken in fee 
current transitionary period. 


Adia boosts earnings 
and raises dividends 


BY JOHN WICKS IN ZURICH 

ADIA, the Swiss-based, temporary 
employment group, proposes to in- 
crease its dividend, carry out a 
rights issue and make a further in- 
ternational placement of bearer 
participation certificates. 

The parent company in Lausanne 
recorded a 41 per cent rise in net 

J rafits for the business year ended 
une 30 to a record SFr32.1m 
(S20.B8m). 

The board will recommend pay- 
outs of SFr80 per bearer share, 
SFr40 per registered share and 
SFr8 per participation certificate. 

At fee same time, the company, 
whose interests include Alfred 
Marks of the UK, intends to mark 
its 30th anniversary by paying spe- 


cial bonuses of SFY10, SFr5 and 
SFrl for the three equity catego- 
ries. 

Holders of the beneficiary certifi- 
cates known as “baby Adia" will re- 
ceive a dividend of SFr4 and an an- 
niversary bonus of 50 centimes. 

Without giving details, Adia says 
it plans to issue Swiss franc bonds 
with linked equity warrants as a 
rights issue to existing holders of 
shares, participation certificates 
and "baby Adia" certificates. 

The Adia group, now the world's 
second-biggest in the temporary 
employment sector, expects consoli- 
dated turnover to rise from 
SFrI.Sbn last year to more than 
SFi2bn in 1967. 


Swiss retailer plans 
SFr77m rights issue 

BY OUR ZURICH CORRESPOI0ENT 


INTERDISCOUNT HOLDING, the 
Swiss retail group, is to raise about 
SFr 77m ($50m) by a rights issue, at 
the same time restructuring its 
share and participation-certificate 
capit&L 

The initial capital transaction 
foresees the doubling of the nomi- 
nal value of existing bearer and reg- 
istered shares and participation 
certificates to SFY400, SFr200 and 
SFt 40, respectively. 

Subsequently, the registered 
shares would be split, thus doubling 
the number of this category, while 
leaving that of bearer shares and 
participation certificates un- 
changed. 

At the same time, a total of 14,520 


new bearer shares of SFr4O0 nomi- 
nal value would be offered at 
SFr4,400 each. Holders of 20 reg- 
istered shares of 10 bearer shares 
would be entitled to one of the new 
bearer units. 

The Fribourg-based concern also 
plans 27,500 new participation certi- 
ficates of SFr40 nominal value at a 
unit price of SEY440 at a rate of one 
for 10 existing certificates. 

At its October 22 general meet- 
ing, the board is also to propose in- 
creasing dividends for the year end- 
ed June 30 from SFr50 to SFr 55 per 
bearer share, from SFr25 to 
SFr27.50 per registered share and 
from SFY5 to SFr5-50 per certificate. 


This mtaoeBcemtat appears as a natter of record oafy. 


29th September, 1987 



SANYO SPECIAL STEEL CO., LTD. 

US. $80,000,000 

3V4 per cent Guaranteed Notes due 1992 

with 

Warrants 

to subscribe for shares ofcommon stock ofSanyo Special Steel Co., Dd. 

The Notes win be unconditioniilfy and irrevocably guaranteed by 

The Industrial Bank of Japan, Limited 


Issue Price 100 per cent 


Yamaichi International (Europe) Untiled 

Daiwa Europe Limited 

Stoss Bank Corporation bitemational Umited 


IBJ International Umited 
Taiyo Kobe International Umited 
Wako International (Europe) Umited 


Banqne Paribas Capital Markets Umited 
Generate Bank 

Mitsubishi Finance International Umited 
Samuel Montagu & Co. Umited 
New Japan Securities Europe Umited 
Salomon Brothers bitemational Umited 


Fuji bitemational finance Umited 
Merrill Lynch Capital Markets 
Mitsai Finance International Umited 
Morgan Stanley International 
Nomura International Umited 
J Henry Schroder Wagg& Co. Umited 


Westdeutscbe Landesbank Girozentrale 


KQKUSAI Europe Limited 


Marnsan Europe Limited 


Taihayo Europe Luniied 


K 

'I 




« 

f 






30 


Financial Times Friday October 2 1987 



Milk Marketing Board 

£75,000,000 Floating Kate Notes 1993 

in with the praMlont of tin Notts* notice is hereby 

rftai the rate of interest for the throe month period 30th September, 
1987 to 30th December. l987tebeenfbced*lOHpercwt.p*r 
tnwta Coupon No. 7 wiH therefore be payable an 30dt December. 
1987 K £1293.32 per coupon from Nates of £50400 nominal and 
£12923 per coupon from Notes of £5400 nofflimL 

TheMfrMrioetiu*Boar 4 wi*itacei«reofiheMinijtar«fAgriai- 
ture. Faieries wid Food, the Secretary of State for Wales and the Law 


Commercial Acbyrties to > wholly-owned stiaWbry company Dairy 
Crest Ufrtttd A Supplemental Trust Deed has been executed under 
which Dairy Crest limited has guaranteed the payment cfbcrii interest 
*nd principal fri respect of the Notes and has entered Into various 
r ygrirrj^T pelmasrta those already entered into by the Milt Maricethee 

Board. 

S.G. WARBURG A CO. LTD. 

Agent Bank 


INTERNATIONAL COMPANIES & FINANCE 



Baltica sells 
reinsurance 
operation 
for $169m 


BALTICA, the Danish Insur- 
ance group. Is selling its rein- 
surance business, Baltics N«- 
dlske-Re, to Employers 
Reinsurance, a Kansas City- 
based subsidiary of the Gener- 
al Electric Corporation, hr 
DKrL2hn (glSSmJ. 

Baltica Is one sf the twe big- 
gest Danish Insurance groups, 
with premium income of 
DKr5.9bu. Nordltke-Re has. 
about 15t euylnyecs and the 


HOUDAT AND TRAVEL ADVBtTISING 
Is published on 

Wednesday and Saturday 


For details el Advertising 
Rotas contact: 

Deirdre V en ab les, Riusrhl Times, iradtan 
10 Cannon Sc, Lo u de n EC4P «Y 
TahphofMi 01-248 0000 - Ext 3231 


Oca's chief executive, said (hot 
Nordiske-Ke, after ton in g sub- 
stantial sums in the US in 
1985. had recovered and was 
expected to show a profit of 
about DKrlOtat this year, 
added, however, that 
tact had 




ing a global organisation and 
considerable investment, for 
which Baltica had neither the 


Correction of Advertisement that appeared os 30 September and 1 October 

Republic of South Africa 

U.S475,000,000 
Floating Rate Notes 1984/1989 


The Rate of Interest applicable to 
tbe late rest Period from September 
30. 1987 to March 29, 1988, inda- 
stvely, was determined by Oresdner 
Bank AG (London Branch) as 
Re f eree Agent to be 8^ per cent 


per annem. Therefore, in terest per 
Note of U.S410.000 principal 
amount b doe on March 30, 1988* 
the relevant interest Payment Date, 
in the amount of U -5.5423.40. 


Oresdner Bank 


FranMtat am Main 
la Sep t ember 29S7 


Aktfengeseflsthaft 
Principal Pay in g Agent 


Baltica plans to ose the pro- 
ceeds of the sale to strenghth- 
en its position in Europe. 


Forenede Paplr 

A REPORT In tim FT of Sep- 
tember 23 re fear ed to the pur- 
chase by Store of a sharehold- 
ing in Forenede 
Paplrfabrikker for DKrlGUm. 
This sum is equivalent to 
tiLhn. net flLhn, as we In- 




DOME PETROLEUM 
UMITED 
$US 50.000.000 
FLOATING RATE 
NOTES DUE 1989 

For tbe six months, 
Septe m be r 24, 1987, to 
March 23, 1988, the me of 
in t er e st has been fixed 
re 8 3/16% P-A. 

THE PRINCIPAL 
PAYING AGENT 

GENERALE 


The big trading group is making waves in the US. David Dodweil reports 

Jardine spotlight homes in on Wall Street 


FOR BRIAN POWERS, the New 
York merchant banker who was 
poached by Bong KbnFs Jar- 
dine Matheson barely 18 
months ago to orchestrate stra- 
tegic growth in a group that had 
faced nothing but strategic re- 
treat for three yean, there must 
have been peculiar pleasure in 
returning Tionwr to unveil the 
purchase, worth 5891 m . of a 20 
per cent stake In Bear Stearns* 
the Wall Street securities 
house: 

When be left James Wolfen- 
sohn, one of New York's most 
select •boutique'’ merchant 
hanlni, to join Jardine there 
must have been many col- 
leagues who wondered what on 
earth he was doing, moving to 

lace like 


out-of-the-way place 
Hong Kong to join a barely- 
known group that for three 
years had been among the 
world's corporate walking 
wounded. 


TO retain to New York 
manag in g director of Jardine 
Strategic Holdings to announce 
the group's emergence as a 
principal investor in such a sub- 
stantial US banking group was 
the perfect way to put the cynics 
and sceptics in their (dace. 


To m p g pja that Hr 
alone was tbe architect of this 
week’s purchase Is overstating 
his clout. 

Henry and Simon Keswick, 
the brothers who represent the 
Interests of a family that has 
controlled Jardine Matheson 
since the buccaneering days of 


the opium wan, and Rodney 
Leach, imported two years ago 
from Jacob Rothschild, also 
played critical roles in strategic 
planning. 

But there can be no figure In- 
side the group so strongly iden- 
tified with its growth s trategy, 
with the corporate restructur- 
ing that gave birth to Jardine 
Strategic, and with the self-as- 
suraaee that has returned so 
feat to a group that four years 
ago was technically bankrupt 

While still atWolfensohn, Mr 
-Powers sold for Jardine its sug- 
ar interests in Hawaii, then ac- 
quired for the group its Pizza 
Hot franchises across the US 
and the insurance broking 
group Emmett and Chandler. 

Small wonder then that since 
joining Jardine he has contin- 
ued to bring to bear his formi- 
dable merger and acquisition 
experience. Small wonder too 
that most deals have been in tike 
US on his home tort 

However, to direct all credit 
at Mr Powers would again be 
unfair as the painstaking work 
of bringing the group back from 
the edge of the grave had been 
all but completed when he 
joined it eaiiy last year. 

When Hong Kong's 
market collapsed 
in 1983, Jardine freed massive 





-- Brian Powers: pot 
in their place 

m 

ges t property group, which was 
caught with large-scale con- 
struction commitments just as 

the market collapsed. 




These were aggravated by 
losses on shipping and trading 
operations, and by the group's 
cross-shareholdings with Hong- 
kong Land, the territory’s lar- 


dicted the two groups were 
tined to share a grove. 

There followed a period of 
painflil convalescence when as- 
sets were sold steadily in an ef- 
fort to control debts. 

Four years later, with the 
Hong Kong economy back in 
flamboyant form, the days of 
distress sales are over. By the 
time corporate restructuring 
was completed early this year 
debts had been reduced to lev- 
els deemed modest by even the 
most cons ervative international 
standards. 


The principal results of the 
reor ganisa tion have been to 
pare Hongkong Land back to a 
pure property company, and to 
float Land’s leading subsid- 
iaries. with tbe newly-created 
Jardine Strategic retain in g in- 
- vestment in all of these 

on behalf of the group. 

jardine Hatbeson's board was 
convinced that the sum of the 
different parts of the group - 
which included the Dairy Farm 
retailing operation and Manda- 
rin Oriental hotels - would be 
greater t bo n the whole. Since 
the flotations, it appears to have 

been proven right ■ 

The flotations not only made 
the Investing public more 
aware of the value of the robszd- 
iaries, but unleashed cash that 
Jardine urgently needed; to re- 
duce debts and gave long-stifled 
executives an opportunity to 
spread their wings. 

It also removed long-standi n g 
fears that a predator might be 
tempted to mount a takeover in 
order to dismember the group 
and strip assets that, from the 
ordinary shareholder’s point of 
view, had never been realised. 

The new group structure re- 
tains defensive elements - not 
least a substantial cross-hold- 
ing between Jardine Matheson 
and Jardine Strategic - but they 
axe not the kind of cross-hold- 
ings that could strangle the 
group, as the arrangement with 
Hongkong Land threatened to 
do four years ago. 

Some might have been con- 


fused tills week that the pur. 
chase was made not by Jardine 
Matheson - which controls the 
group's financial services inter- 
ests, mainly Jardine Fleming, 
the investment b an k, and’ Jar- 
dine insurance brokers - but by 
Jardine Strategic. 

The crux is that the invest- 
ment is not a takeover by which 
Jardine would take operating 
control over Bea r St earns, but 
the purchase of a strategic hold- 
ing. 

Since Jardine Strategic's role 
is to sit at the centre of a corpo- 
rate empire based on tbe origi- 
nal Jardine operating compa- 
nies - Jardine Matheson itself; 
Hongkong Land, Dairy Farm 
and Mandarin Oriental - it 
seems the logical home for 
theinvestment in Bear Stearns. 

While it is difficult to predict 
feture investment plans, one 
can say with some confidence 
that further substantial invest- 
ment in Hong Kong is unlikely - 
in spite of frequent complaints 
that this implies a lack of confi- 
dence in the territoty. 

Jardine executives are united 
in arguing that their assets are 
already too heavily weighted in 
the British territory, and that 
•suitable takeover targets in 
-Hong Kong are hard to find. 

But with Mr Powers’s enthusi- 
asm for investments in the US, 
how long will it be before there 
’are arguments about being 
over- weigh ted in North Ameri- 
ca? It will be interesting to see 
where he strikes next 


ALSACXENNE DE 
BANQUE 

15, Avenue Em3e Reuter 
LUXEMBOURG 


Alitalia profits soar as 
passenger loads increase 


BY JOHN WTLES M ROHE 


SUBSTANTIAL increases in 
{domestic and international pas- 
senger traffic has carried Ali- 
ftafia, the Italian national air- 
line, to a healthy increase in 
{turnover and operating profits 
in the first six months. 

Following a 12 per cent in- 
pease in 
-the eomi 


cm by 


j Folic 
!crease 

mpany*s turnover has ris- 
6J5 per cent to LlBOlbn 
<SL2bn) while operating profits 
improved from L25bn in the 
-same period last year, to L83bn. 

1 'At the net level after transfers 
to reserves, profits are L2LSbn, 
compared with Llhn last year. 
The airline's debt equity ratio 
remains at about 1:1 bat self- 
financing of investments nearly 
doubled over the first half of 
,1986, to reach LlSSbn. 


The company invested Ll34bn 
of this in its fleet of aircraft. 

The management claims that 
these results follow efforts to 
improve in-flight service and to 
set a competitive pricing policy. 
The company has also in- 
creased the number of avail- 
able flights and has reorganised 
its timetable. 

Alitalia says that in view of 
-fhture aircraft requirements 
and other investment needs, tbe 
.board has approved a proposal 
to seek a capital increase from 
L42L2bn to L585bn. 

- Wndesit is expected to be 
sold before the mid of the year, 
the company's court-appointed 
administrator said yesterday. 
He declined to identify the com- 
panies which had submitted of- 


St-Gobain plans 
$283m outlay 
in Brazil 


SAINT-GOB AIN, the French 
-foods and brewing group, will 
invest g34Sm in Brazil over the 
next three year s. The company 
’will spend 8283m in addition to 
the S62m outlay announced in 
April 

. Of the 8283m, the equivalent 
of 846m will come from the In- 
ternational Finance Corpora- 
tion, a World Bank affiliate, and 
862m from other foreign banka. 



glTOn will 
come from Saint-Gobaio and its 
Brazilian affiliate, Companhia- 
Vidraria Santa Marina. 

j The company said glTOm 
■would fond a factory to make 
iplate-giass for use in the motor 
jund construction industries. 


Allianz forecasts strong 
rise for 1987 premiums 


BV OUR FINANCIAL STAFF 

[ALLIANZ, West Germany’s' lar- 
gest insurance group, expects to 
'increase world premium in- 
come to more than DM25bn 
<81SL5bn) for 1967, representing 
an increase of more than a 
quarter on last year’s DMlfiBbn. 

The company said the upturn 
‘was based on revenue from its 
; Italian subsidiary Biunione Ad- 
tziatica di Sicurta (BAS), in 
which Allianz took a majority 
'holding in April 

Allianz ’s income from foreign 
units was expected to rise to 
about DM9.5bn this year, com- 
pared with DM&Zbn in 1988 
Domestic non-life premium 
income should increase to 
!DM8.8bn, an Increase of about 
DM400m on the previous year, 
the company a 


! revenue from life 
was expected to rise to some 
,DM6.7bn, about 10 per cent 
above 1986 levels. 

• Allianz raised domestic group 
.net profit to DM383m last year 
'from DM328m in the 1965 peri- 
od. The company made no spe- 
cific profit forecast for this 


However, it said the expected 
increase in revenue was unlike- 
ly to be matched by any other 
West German insurance group. 

The rise In domestic car In- 
surance claims experienced 
last year had continued in 1967. 
Payments on had risen 

.by about 11 per cent by the end 
'of August from the same period 
in 1986, while revenue in that 
sector had increased by only &6 
-percent 



CONSDfc^ 



Tokyu Construction Co., Ltd. 

(Tbbja JCeusefSa KobadtOd KoUhof 

US. $70,000,000 

3V4 per cent Guaranteed Notes due 1992 

--VWL 

wtm 

Warrants 

toanb$eribefor8 harta ofcommonstockofTbkynConslructhm€jo .,Ii d. 
The Notes be t mnu uti t k M altymtd irrevocably guar a n t eed by 

The Mitsubishi Bank, Limited 

(KnbmhOi toh ftfl Ginko} 


Mcc B0 percent. 


Yamaichi InterrKtikmal (Europe) Limited 


J. Henry Schroder Wagg& Co. Limited 


BNP Capital Markets limited 
Berliner Handds- and Fr ankfu rter Bank 
Oresdner Bank Aktiengesdbchatt 
BU International United 
Mitsubishi Finance International limited 
flomwra International limited 


Swiss Volkstxmk 


Banqiw Paribas Capital Markets Limited 

Cridit lyonnah 

Generate Bank 

■ 

Merrill Lynch Capital Markets 
Morgan Stantey International 
Swiss Bank Corporation Internatkmal limited 
Union Bank of Switzerland (Seatr&tes) limited 


SXL Warburg Securities 




J9M September, 1987 





Tokyu Hotel Chain Co., Ltd. 

* (KatmshOd Kahha Tbkya Hotel Chain) 

US. $70,000,000 

3 Y 4 per cent Guaranteed Notes 1992 

aOh 

Warrants 

to subscribe for shares of common stock of Tbkyu Hold Chain Co., Ltd. 
Tfw Notes wtU be tmconditfonalfyaTribrevctcabty guaranteed by 

The Mitsubishi Bank, limited 

(KabaskBd Maisha Mitsubishi Ginko) 


buna Price tOO per cent 


Yamtridu Interrwtfoiml (Europe) limited 


JL Henry Schroder WaggA fa lim ited 


BNP Capital Markets limited 
Berliner Handds- wulFrwtkfmter Bank 
Oresdner Bank AkttengeseBschaft 
JBJ international Lindted 
Afitsabishi Finance bdernatkfMl 
Noimmi International limited 


Swiss VoU&bank 


Banque Paribas Capital Marketo limited 

Credit Lyonnais 
Generate Bank 
kterritilyndtOipitalMar^ 
Morgan Stanley International 
Swiss Bank Corporation International Limited 
Uhkm Bank of Switzerland (Seeuriti**) 


SXL Warbarg Securities 









Financial Times Friday October 2 1987 

INTL. COMPANIES & FINANCE 

■ ■ ■ ■ 

Brierley Investments jumps 91 % 


BY UNDA SAUNDERS M WELLINGTON 


DESPITE A 91 per cent in- 
crease in profit to NZ$342. lm 
CS222m), Brierley Investments 
,tbe New Zealand investment 
company, is looking at major 
changes to its accounting poli- 
cies, saying they are regarded 
internationally as being tod 
conservative. In a document 
prepared last year for Brier- 
ley's li sti n g on the London 
Stock E xchan g e , auditors- peat 
Marwick recalculated profits 
for the past five years upwards 
by about 15 per cent to bring 
them into line with internation- 
al standards. 

Brierley also announced two 
share issues: a one for 10, cash 


issue, raising about NZ$2 40m . 
followed bra one for four bonus 
issue, lifting capital to about 
1.65bn shares. ' 

Mr Paul Chllins,chief execu- 
bvejnstified the issue, despite 
some Hears of neg ative ma rket 

market would accept it, and that 
the money was needed to con- 


been written off Warnings per 


The earnings figure, achieved 
after NZ$ 78 L?m in tax Included 

no equity accounting of associ- 
ates, nor any property revalua- 
tions. .All foreign exchange 
transactions were included in 
the profit, and the goodwill on 
acquisition of subsidiaries had 


Had Brierley accounted for 
its Magnum Corporation acqui- 
sition in the conventional man- 
ner it would have boosted the 
profit by NZ$96m instead of re- 
ducing it by NZ$14m. 

The profit was achieved on 
turnover more than doubled to 
NZ$7.l5bn. 

( « I 

The balance sheet saw total 

assets double to NZ$1L8 H»l 

mainly through the value OZ 
shares In public companies ris- 
ing from NZ$13bn toNZ$5.62tm. 

Shareholders’ funds doubled 
to NZ$L82bn, while minority in- 


Tateho stake sale disclosure 


THls HAN SHIN Sogo Wanfc , [ an 
urban sogo or mutual savings 
and loan institution, sold 
100,000 shares of Tateho Chemi- 
cal Industries on September 1, 
one day before Tateho reported 
losses of Y28bn ($lSZmj in con- 
nection with ftztures trading on 
the Japanese government bond 


"AH we can say is we sold that 
number of shares on September 
L I can't comment any farther. 
The Finance Ministry and oth- 
ers are investigating," Han- 
shin Sogo said. 

The sogo bank, however, de- 
nied that insider trading 'fig- 


ured in the transaction. The 
bank riairruxi that It was react- 
ing to . news reports citing un- 
named sources as saying the in- 
stitution had undertaken the 
selling. 

The disclosure was made in 
the context of a continuing in- 
dustry and government inquiry 
into whether insider trading 
might have figured in the peri-, 
od before Tateho's severe 


cal concern’s share prices tum- 
bled as a result, sending prices 
on the Japanese government 


Tateho, a mid-sized chemical 
maker, suffered an estimated 
Y20bn In losse s for the year, 
against net assets of Y16L9 bn, 
and publicly revealed the mat- 
ter on September 2. The chemi- 


Current sami - nmeiiil inqui- 
ries are looking into the possi- 
bility that certain financial in- 
stitutions or individuals had 
advance knowledge of Tateho’s 
Impending debacle and sought 
to defray their losses by selling 
shares before an announce- 
ment 

A spokesman for the Osaka 
Stock Exchange, one of the in- 
dustry groups investigating the 
affair, said to date it had not re- 
leased any statements or find- 
inn in the Tateho case and is 
stul reviewing evidence. 


CSK denies losses from stock trading 


CSK, a Japanese computer soft- 
ware developer, yesterday de- 
nied it had suffered any losses 
through financial i n ve s tments 
such as stock or bond trading. 
Barter reports from Tokyo. 

The company’s share price 
fell by Y550 to 76,100 $41.6) on 
the Tokyo Stock Exchange after 
reports that the company had 
suffered serious losses In spec- 


ulative investments. 

"We have never 
such financial inves 
company said. *W< 


never engaged in 


,'thej 
> no 1 


*We have 


A company official earlier de- 
clined to comment on the possi- 
bility of investment losses, but 
said a local press report that 
the profits for the year ended 
September 30 would show the 


first loss since the company was 
founded in 1968, could have 
sparked the fell in share price. 

The stock market has been 
nervous about potential losses 
by companies engaging in "xai- 
tech," or financial dealings such 
as stock and bond investments, 
pftgr Tateho Chemical Indus-* 
tries announced large losses on. 
the government bona market 


forests, which Brierley incorpo- 
rates as part of its capital Binds 
figure, were $L74bn.Capital 
Binds totalled NZ$3.67 against 
$233bn last year. 

Mr Collins also restated the 
company’s intention to proceed 
with its bid for the UK insur- 
ance group Equity and Law.Cie 
du Midi, the French Bnnm»iai 
group is also bidding for Equity. 
BID owns 29.6 per cent of Equity 
against Midi's holding of about 
14 per cent Brierley increased 
its original 365p cash offer for 
Equity to 450p on Tuesday in re- 
sponse to Midi’s mixed cash and 
equity offer, now valued at 
about 44Qp. 

Elbit shake-up 
follows project 
: cancellation 


ELBIT, A leading Israeli com- 
puter and defence electronics 
company Jias begun a reorgani- 
sation programme as a result of 
the government’s decision to 
cancel the controversial $L2bn 
Lavi fighter bomber project. 

The company, one of the few 
Israeli defence enterprises to 
continue to show profits, was to 
have produced various systems 
for the Lavi. It is the first to 
reassess its operations follow- 
ing the cancellation of the Lavi, 
but others are expected to fol- 
low suit. 

Mr Emmanuel GU, Elbifs 
president said the basic princi- 
ples underlying the new pro- 
gramme would be the centralis- 
ation of engineering and 
production operations, accom- 
panied by a greater dispersal of 
marketing facilities. 


these moves, Mr Gil explained, 
in the hope of being awarded . 
some of the fends freed by last 
month’s decision to cancel the 
project 

This money, up to $40Qmin US 
military aid, will be allocated to 
the production of a new genera- 
tion of alternative weapons. 


Ashok sale sparks international interest 


BY JOHN BXIOTTM NEW DELHI 

INTERNATIONAL TRUCK 
manufacturers and prominent 
Indian businessmen have sub- 
mitted bids ran ging between 
£20m ($32.5m) ana £3Qm to buy 
Ashok Leyland, India's second 
largest commercial vehicle 
manufacturer, from Rover 
Group of theUKI' - “ 
The sale is attracting interna- . 
tional attention because of the < 
expansion potential of .Ashok 
Leyland. whiifaliaff 3flTp«r cent * 
of the Indian truck and bus mar- 
ket holding second position to . 
Telco, part of the Tata group. 
Ashok Ley Land’s profits rose to ' 
Rs64.1m C$4.9m)last year. 


years’ decline. 

Companies involved include 
Daf of Holland, which early this 
year merged with Luyiand’s UK 
commercial vehicle operations. 
General Motors of the US, Fiat 
Iveco of Italy, and Hino of Japan 
which already has a technical 
co&BbOFmfon''agreeanmit'WitlZ' 
Ashok Leyland. MAN of West 
Germany and Cummins of the 
US have b ee n expressing inter- 


APFOnfTMENT 

Advocate Jennifer Janes has 
been appointed Secretary of 
Bank Leu mi te-lsraei BM and 
the Bank Leumi Group. 

bank leumi wrt aaa i 


The main bid from within In- 
dia has come from Mr Rahul Ba- 
jai of Bajai Auto, the world’s 
second largest producer of mo- 
tor scooters. Mr Bajaj lacks a 
partner from the international, 
track industry, which means his 
bid does not strictly conform to 
a requirement that the winner 
should have expertise to devel- 
op the company’s products. He 
had hoped to tie up with Fiat 
Iveco, but now says he will find 
a technological partner imme- 
diately if he wins. 

Hr Bajai. a resident Indian, 
has to overcome an Indian Fi- 


nance Ministry ban on scarce 
foreign exchange being used by 
Indian businessmen to buy far- 
eign-held stakes in Indian com- 
panies. He has solved the prob- 
lem fay using Merrill lynch to 
organise institutional investors 
prepared to back him. Merrill 
Lynch ji asJnriiLiip- 'tl te aa on tac t s : 
■ for such' bids after arranging aw 
international launch last year 
for the India Fund on behalf of 
the public sector Unit Trust of 

India. 

The UK-based Hinduja fami- 
ly, which originates from India 
and has wide-ranging interna- 
tional trading interests in the 
Middle East and elsewhere, has 
alia* submitted a bid which: 
would give it its first manufac- 
turing base in its home country. 
It Is believed also to be in talks 
with Iveco. 

The Hinduja. family is not af- 
fected by the Finance Ministry 
ban because it has official non- 
resident Indian status and has- 
fluids abroad to use- 

The offers were su b m i t te d se- 


cretly in London on Wednesday 
night after several days of nego- 
tiations between the bidders. 
Wednesday was the original 
deadline for the bids, but this 
has been extended for ten days 
at the request, it is believed, of 
General Motors and Hina Ro- 
wer- had -wanlg^te- <$ 4086 ; the 
.winner later this month and 
conclude the deal by November 

20L 

The Leyland-paf commercial 
vehicle group set up 'early this 
year excluded Leyland’s Indian 
interests - a 39 per cent stake in 
Ashok Leyland and 51 per cent 
in Ennore Foundaries, both 
based in the southern city of 
Madras. 

At that time Daf did not want 
to take on the Indian 
operations. With an output of 
mine than 16,000 trucks and 
buses a year, they are larger 
than Leyland in the UK and 
about equal to DaTs own busi- 
ness. This view has now 
changed, which means that Daf 
is having to offer a higher price. 


A.C.E. 

INSURANCE 
COMPANY, LTD . 


is incorporated in the Cayman Islands 
and has its principal office in Bermuda. 

With over $800 Million in assets it provides, 
through brokers. Excess Liability and Directors and 

Officers Liability insurance to major 
Industrial and Service corporations 
and financial Institutions 
throughout the world. 


Craig Appin House 
PO Box HM 1015 
Hamilton HM DX 
Bermuda 


Telephone: (809) 295 5200 
Telex: 3543 ACETL BA 
Telefax: (809) 295 5221 


•* . ■ r -r 


*" ‘-»fc 


The Carter Organization, Inc. 


has been acquired by 


lANKEE 


BANCA 

COMMERCIAL 

nALLANA 


ftg.no. 2774 

roe L WSlOOQ JOOLO tP 


Bank of KnffyiM 


Substitution of certificates indrailathm 
representing ordinary shares 

Notice is hereby given that with the effect of 1st October 
1987 ordinary shares certificates in drculatton carry ing coupons no. 
28, 29 and 30 wffl be substituted with new certif i cates carrying cou- 
pons no. 28 up to no. 47. 

From 1st October 1987. to 31st December 1987 the substi- 
tution will take place at any of the Authorized Agents indicated 
below, subsequently exclusively at any Branch of Banca Commer- 
cials Italians. 

The new shares wffl be made available, when possible, at 
Monte Titoli S.p A 

in accordance with the Stockbrokers' Managarg Committee 
of the Milan Stock Exchange, the October and November 1987 
settlements wiS be carried out with old and new certificates where- 
as the December settlement wifi be carried out with new certifi- 
cates only. 

As from 1st January 1988 shareholders' righto shaS be exer- 
dsed exclusively through presentation of new certificates. 

Authorized Agents: 

Banca Commerdale Italians, Credito Italia no, Banco di Roma, 
Banca Nazionaie del Lavoro, Banco di Sicffla, Banco di Napofi. Istituto 
Bancario San Paolo di Torino, Monte dei Paschi di Siena, Banco di 
Santo Spirito, Banco di Sardegna, Monte Titoli S.p. A. 


ymaxklmmoo 


For the six months 17th August, 
1987 to 15th February, 1988 the 
Notes will bear interest rate factor 
at 399809k Y39.S80 wffl be ixyaUe 
on 15th February, 1988 per 
YljOOOjOOO principal amount of 
Notes. 


KANSALU80SAK&PANKKI 

YUMMHABBJMW 


Kate Nates &» 5th September, 1991 

For the stx months 7th September, 
1967 to 7th March, 1988 the Notes 
will bear interest rate factor at 
4.I763 %l Y41.753 wffl be payable 
on 7th March, 1988 per Yl.000,000 
principal amount of Notes. 

KAWASAKI STEEL CQSP0SAH0N 

¥10,000,009 


Segftnaber, 1991 

For the six months 8th September, 
1987 to 7th March, 1988 the Notes 
will bear interest rate factor at 
40269%. Y4Q269 wffl be payable 
on 7th March, 1988 per YlQQOflQQ 
principal amount of Notes. 


(Europe) limited 



HALIFAX 

BUILDING SOCIETY 
£160000000 

Floating Rate Loot Notes 
Due 1996 (Series A) 

MU 10205% 


£ 4134 
CC18L38 


The VPI Group PLC 


We acted as financial advisor to Donald C. Carter, sole stockholder 
of The Carter Organization, Inc. 


Goldman Sachs International Corp. 



October 2, 1 987 


Sumitomo Bank lid 

U.S. $30,000,000.00 

Redeemable Negotiable Floating Rate 
Dollar Certificate of Deposit 
Due 9th November 1988 
Callable at the Issuers Option 
on the 9th November 1987 

In accorda n ce with the terms set out in the Certificates 
Sumitomo Bank Ltd have elected to azerdsethek Call option. 
Hie Certificates will therefore mature Co the 9th November 
1087, and pa y m ent will be effected on the Principal amount 
ptusInter^at7 ! Wftp.a.8tSumttOiino Ban kild , LoifidoiL 

Sumitomo Bank Ltd 
London Branch 


£75,000,000 

Yorkshire International Finance RV, 
Guaranteed Floating Rate Notes due 1994 

Guaranteed on an unsubordinated basis by 



Yorkshire Bank PLC. 

In accordance with the provisions of the Notes, notice 
is hereby given that for rbe three month period 
30 September 1987 to 30 December 1987 the Notes will 
cany an interest rale of 10ft«% per annum with a coupon 
amount of £130.11 per £5,000 Note. 

county natwest 
A gent Bank 


i 







32 


Financial Times Friday October 2 1987 


INTERNATIONAL CAPITAL MARKETS & COMPANIES 



Nomura stays top of the league 


BY CLARE PEARSON 

NOMURA Securities held on to 
first position by a wide margin 
at the end of the third quarter 
this year in a Eurobond hook 
winn ers* league table which is 
still dominated by the Japanese 
securities houses, according to 
figures produced by IDD Infor- 
mation Services. 

However, Credit Suisse First 
Boston, the leader for 1986 
which fell to filth position with 
only 5.2 per cent of the market 
at the end of the first half, 
clawed its way back to second 
position, helped by a $1 bn issue 
for Italy last month. 

New issue activity fell to 
$125bu. so the fall-year figure 
seems likely to fall short of 
1986*5 record $182.65bn. But this 
has occurred against a back- 
ground of difficult conditions in 
many sectors, which has led sev- 
eral houses to retrench their 
primary market activity. 

The first, fourth, fifth and 
sixth positions - occupied by 
Nomura Securities, Daiwa Se- 
curities, Nikko Securities and 
Yamaichi Securities respective- 
ly - reflect mainly the contin- 
uing flow of equity warrants 
bonds for Japanese companies, 
despite a sharp mid-summer 
shake-out in the market 

The dollar's share of new is- 
sue volume stood at 445 per 
cent down from 63 per cent at 
the end of last year, but slightly 
improved from 34.7 per cent at 
the end of June. 

This is partly thanks to the 
boom in dollar-denomicated 
equity warrants issues, while 


also reflecting a determined ef- 
fort by some houses over the 
last few months to revive the 
sector. 

Yen bonds accounted for 14.6 
per cent of the market, up from 
10 per cent at the end of last 
year. However, the figure also 
highlights depressed conditions 
in the yen bond market during 
the last three months as yen 
bonds accounted for 18.7 per 
cent of total volume at the end 
of June. 

Houses active in the equity- 
related sector of the market, 
such as Credit Suisse First Bos- 
ton, have generally held on to 


EUROBOND OFFERINGS 
BY CURRENCY 


top 10 bookrannihg rankings so 
fortius year. 

In particular. Morgan Stanley, 
which is one of the most active 
lead-managers of convertible 
bonds, stood in eighth position 
at the end of September, down 
two places from the end of 1966, 
but sharply up from the 12th po- 
sition It occupied at the end of 
the first halt 

Other leading US houses, 
however, such as Merrill Lynch 
and Shearson Lehman 
Brothers, which ranked ninth 
and 13th at the end of last year, 
have dropped completely oat of 


the fop 30 line-up in the course 
.of this year. 

The Australian dollar has 


playing an increasing role 
in international transactions 
this year, with its share rising to 
7 per cent from 3 per cent at the 
end of 1986. . . 

By contrast, this year's lack off 
interest rate or currency impe- 
tus la the D-Harfe bond market 
was reflected in a plunge in the 
D-Mark’s market share to 9.6 
per cent from 17 per cent at the 
end of last year. This pete it on a 
par with sterling’s portion: 9.6 
per cent against 10.6 per cent at 
the end of 1986. 


u/B7-m«7 


10*6-30/9/86 


1 

2 

3 

4 

5 

6 

7 

8 

9 

10 
U 
12 

13 

14 

15 

16 
17 
IS 
19 


Cweiiqr 

Trial 

SCbn) 

No of. 

buses 

Manger 

Sfonl 

Bank 

% 

tames 

Sfonl 

Rank 

% 

ftfffft 



Namua 

15-4 

ai 

12.4 

109 

12^ 

(2) 

83 

110 

US ? 

553 

449 

CSFB 

82 

(2) 

7a 

69 

9 3 

CD 

125 

83 

Yen 

183 

140 

Deutsche Bask 

82 

(3) 

6.6 

62 

9 3 

(3) 

6,9 

67 

Sterling 

12j0 

101 

Daiwa 

73 

(4) 

6j0 

69 

83 

(6) 

45 

68 

0 Mark 

12 JO 

103 

Nikko 

7.4 

(5) 

.6.0 

55 

4,4 

QQ) 

32 

46 

AS 

83 

187 

Yamaktt 

72 

(6) 

5,7 

67 

3.4 

02) 

2-4 

44 

ECU 

6 5 

62 

Mwgsi Gty 

4 3 

(7) 

3.9 

42 

73 

(5) 

55 

50 

cs 

5.6 

87 

Morgan Stan 

4.8 

(8) 

3.9 

33 

5,6 

(8) 

3.9 

51 

FFr 

L6 

15 

Salomon Bros 

4B 

(9) 

33 

32 

7.0 

(5) 

5.0 

44 

DKr 

LI 

27 

Banque Paribas 

3.4 

ao> 

23 

35 

5B 

(7) 

4a 

55 

NZS 

0.9 

a 

SG Warburg 

33 

ai> 

23 

30 

2.4 

(13) 

u 

20 

FI 

0B 

12 

IBJ 

33 

02) 

2.4 

30 

15 

(27) 

1a 

14 

L 

0.5 

9 

UBS ■ 

33 

(13) 

2.4 

25 

33 

ai) 

25 

36 

HK$ 

82 

3 

Dresdner Bank 

23 

04) 

U 

19 

1j0 

(31) 

0.7 

12 

SFr 

OJ 

4 

Commerzbank 

2.0 

(15) 

L7 

23 

22 

(16) 

15 

34 

KD 

OJ 

2 

Swiss Bnk Corp 

23 

(16) 

13 

22 

13 

(20) 

13 

13 

FM 

0L 

2 

Goktmaa, Sachs 

L9 

07) 

13 

18 

22 

04) 

15 

17 

Sch 

0.07 

1 

Baring Bros 

17 

(18) 

1 A 

15 

1.7 

(23) 

L2 

11 

LuxF r 

0JH 

3 

LTCB 

Ub 

09) 

13 

11 

23 

07) 

15 

17 

SS 

0.02 

1 

Bank of Tokyo 

13 

(20) 

13 

14 

03 

(33) 

05 

11 

Total 

125.0 

1,229 

Ind Totals 

1243 



L208 

142 3 



L251 


Abu Dhabi banks fear a rush of lawsuits 


BY OUR ABU DHABI CORRESPONDENT 


BANKS IN Abu Dhabi fear a 
rush of lawsuits claiming the re- 
turn of interest paid by their 
customers, as a result of a de- 
cree published by the Abu Dha- 
bi Government this week. It ap- 
plies equally to foreign and 
local banks. 

The decree, which took most 
bankers in Abu Dhabi by sur- 
prise, states that "in all cases in- 
terest payments must not ex- 
ceed the amount of the 


principal debt" It comes into 
force immediately. 

The bankers* fears of legal ac- 
tion are not unfounded. There 
are at least two cases before the 
Abu Dhabi courts in which cus- 
tomers of 17 or more years’ 
standing are claiming the re- 
turn of much of the interest 
paid to the bank over that peri- 
od. At the time these claims 
were brought, the manager of 
one of the banks in question 


said that a judgment in favour 
of the customer could wipe out 
20 per cent of bank assets. 

Overdraft facilities are the 
main problem area. Where 
overdrafts have been permitted 
over periods of several years, 
interest repaid by the customer 
can easily exceed the sum origi- 
nally lent by the bank. 

An earlier decree, published 
in July had given banks cause to 
breathe more easily, stating 


clearly that in cases of dispute 
the Interest allowable by the 
courts should be that which was 



is some evidence that] 
the authorities have raid heed 
to representations from the 
banks. The Justice Ministry has] 
advised the judiciary not to 
make any judgments in accor- 
dance with Tuesday’s decree 
until the term "principal" in the 
decree has been defined. 


AU these securities having been sold, this announcement appears as a matter of record only. 

NEW ISSUE September. 1987 


. •. * f • 




A 


MITSUBISHI CABLE INDUSTRIES, UB. 

( Incorporated with limited liability under the laws of Japan) 

U.s.$100 9 000,000 

VA PER CENT. GUARANTEED NOTES DUE 1992 WITH WARRANTS TO SUBSCRIBE FOR 
SHARES OF COMMON STOCK OF MITSUBISHI CABLE INDUSTRIES, LTD. 

unconditionally guaranteed as to payment of principal and interest by 

The Mitsubishi Bank, Limited 

ISSUE PRICE 100 PER CENT. 


The Nikko Securities Co., (Europe) Ltd 
Yamaichi International (Europe) Limited 

LTCB International Limited 

Baring Brothers & Co., Limited 

DKB International Limited 

Robert Fleming & Co. Limited 

Kieinwort Benson Limited 

Morgan Grenfell & Co. Limited 

Swiss Bank Corporation Internationa! Limited 

Taiyo Kobe International Limited 


Mitsubishi Finance International Limited 
Morgan Stanley International 

Mitsubishi TVust International Limited 
BNP Capital Markets Limited 
Daiwa Europe Limited 
Goldman Sachs International Corp. 
Merrill Lynch Capital Markets 
Salomon Brothers International Limited 

Thibeiyo Europe Limited 
Tokyo Securities Co. 


Saga plans I Dollar sector depressed 


to expand 
foreign 

share base 

ByOurEuromaritfs 


SAGA PETROLEUM, the Nor- 
wegfaut an independent, pirns 
to take rapid advantage of an 
anticipated government deci- 
sion to double to 40 per cent 
the proportion of a company’s 
shares which may be held out- 
side Norway. 

The entire 20 per cent for- 
eign shareholding of Saga Is 
currently held by Volvo, the 
Swedish motor and energy 
group, and Saga is putting in 
place an unusual offering to 



to 

at 


The company 
take a seconder. 

ZMm shares - valued at last 
night’s dose to about 955m - 
and a convertible Eurobond of 
c 
In 


wUl after thorn to Intern tHen 


The banks are Den nerahe 
Credltbank, Flnanshnsto of 
Norway, 


The premium to which the 
shares wBl he ot tered has not 


US is selling almost IS per 
cent of its wholly-owned ener- 
gy subsidiary Enron Oil and 
Gas through a public share of- 
fering. Of the 14m shares on •£- 


nationally through Credit 
Suisse First Boston, Dread 
Burnham Lambert Interna- 


Norway to 
propose 1% tax 
on turnover 

By Karen FossH In Onto 

NOKWATTS Finance Ministry 
is to propose a 1 per cent share 
turnover' tax in Us budget pro- 
posal far 1988, which is due out 


The measure is to be intro- 
duced as port of a flirrr put 
tax package, but alone tt is in- 
tended to raise same NKrSMm 
C944JM for the treasury. 

The Government failed In an 


per cec 
budget 


duce a share turnover tax of 2 
cent as part of its revised 
for 1987. - 

News of the leaked proposal 
In Hay caused the Oslo bourse 
to register its steepest me day 
fan as investors took fright. 

The bourse has bora bracing 
itself since July for the an- 
nouncement of the new mea- 
sure, however, and Is much 
less likely to be intimidated 
this time - especially since the 
rate of tax actually decided 
will have only half the tomato 
of the earlier proposal. 

Opponents of the May pro- 
posal for a 2 per cent tax ar- 
gued that It threatened to drive 
away the foreign investors who 
have been largely responsible 
finr foe rapid growth of the Oslo 


Rival options 
exchange In 
Helsinki 

By OH Vktanon in HoMnM 

FINLAND IS TO have two sep- 
arate options markets follow- 
ing a decision by a majority of 
stockbrokers on the Helsinki 
Stock Exchange yesterday to 
set up a new options exchange 
in competition with an organl- 


Tbe group behind the latest 
options exchange is headed by 
Kaasaiiis-Osake-Panfckf 
(KOP), oue of Finland's two 
leading commercial banks. 
Other members include Ofco- 
banfc. the co-operative banking 
group, Postipankki, foe post of- 
fice bank, and 15 small brefcer- 


Only three brokers voted 
against the new options ex- 
change. They were Union 
Bank of Finland (UBF) • BOP’S 
main rival - Skopbanfc, the 
savings hank group, and Ka- 
piagas, the third largest stock- 
broker in Finland. The three 
are at the head of the group 
setting np the competing ex- 


The surprise move by UBF, 
SJcspbank and Kuningns was 
seen as a resalt of dissatisfac- 
tion with the committee, 
which is headed by a KOP di- 
rector. 

Critics argue that the Finn- 
ish market cannot two 

competing options exchanges. 


Stockholm base 
for bank FRN 

SKANDUMAVISKA Enskflda 
Banken, Sweden’s largest 
bank, is to issue the country’s 
first floating rate note loan 
linked to Stibor, foe Stockholm 
interbank offered rate, Kevin 
Done writes from Stockholm. 

The issue is a farther step In 
Hie development of new instru- 
ments in the increasingly so- 
phisticated Swedish fiaancial 


by oversupply threat 


THE DOLLAR bond markets 
continued to sag yesterday amid 
continued worries of about the 
supply of new US neasuxy pa- 
per. The Eurodollar bond mar- 
ket as a result ended down by 


The new issue market for 
straight debt was silent; traders 
were still attempting to place 
bonds from earlier new issues 
!in an atmosphere of onenthtui- 
astic investor demand. 

Convertible and equity linked 
brads remained the markers 
main talking point, though an 
expected twin-tranche bond is- 
sue for Bell Resources, part of 
Mr Robert Holmes a Court’s 
Bell Group, did not emerge. The 
bonds are expected to be con- 
vertible into shares of Broken 
Hill Proprietary- 
Still. there were widespread 
expectations that the bonds 
would come soon, with Swiss 
Bank Corporation and KerriU 
Lynch both named among the 
candidates to lead manages. 
The Japanese eq ui t y w ar r a nts 

by Tosoh, far- 
far 9200 m 

through 

(Europe). The issue carried an 
indicated VA per emit coupon 

and a maturity °f five years, and 


is quoted at a discount within 

:it* 2$ per cent fees. 

Fuji Bank, which describes it- 
self as foe most profitable Japa- 
nese bank, tapped both thelftH 
rodollar and Swiss franc 
convertibles market. Its dollar 
bond was for $200m, with an in- 
dicated 1Y* per cent coupon ana 
-a 15-year final maturity through 


INTERNATIONAL 
BONDS 


Fuji In tern a t i on a l Fi nance . 

Its Swiss franc issue was di- 
vided into a private placement 
of SFr200m and a public offer of 
tbe same amount. Both tranches 
mature in 1996. carry an indicat- 
ed coupon of V4 per cent and are 
l ep d managed by Union of 
Switzerland, although the call 
provimonson the two tranches 
differ. 

The bank is raising a total of 
about gL2bn, in an exercise 
which also cbmrpises an offter- 
in Japan ofSSm shares. 

-till with Swiss franc convert- 
ibles, New Zealand’s Carter 


SFrlOOm, 10 year deal with a 


coupon of 3% per cent and a 
.conversion pr em iu m of 1743 
per cent over a 5-day average. 

Warburg Soditie led the issue 

Wakite, a construction materi- 
als manufacturer, launched a 
SFr45m convertible with a- 1993 
maturity, and an indicated % 
per cent coupon. Swiss Volks- 
bank led the issue. 

In straight Swiss francs, Japan 
Tbbaceo came to market for 
SFrlSOm over seven years with 
a 5 per cent coupon and a 100*4 
issue price through UBS. Al- 
! though the terms were consid- 
ered reasonable, some Swiss in- 
vestors feel their portfolios are 
already overloaded with Japa- 
■nese debt. 

The secondary market in 
Switzerland was mixed to 
■slightly easier, while in West 
'Germany activity picked up 
■sligh tly in -higher-yielding is- 
sues, and foreign bond issues 
ended the day on average about 
jlO basis points firmer. Apart 
[from the two issues brought by 
(Japanese lead managers in Ger- 
many, there was also a DM200m 
private placement for the World 
Bank with a five-year maturity 
.and a 5% per cent coupon. It 
was priced at 9944 and led by 
Bayerische Landes bank. 


Japanese bring D-Mark issues 


BY fWeWKMWI » FRANKFURT 


JAPANESE INVESTMENT 
hanks in West Germany yester- 
day lead managed their first 


last week’s go-ahead from the 


First off the mark was 
trial Bank of Japan 
land), with a DMIOQm fi ve-y ear 
Issue for its parent co m p any . 

Co-led by Deutsche Bank; 
which owns a 25 per cent stake 
in IBJ’s Frankfort subsidiary, 
the 5% per cent par-priced 
bond, which was widely escpec- 


The management group, 
which includes Dresdner Bank 
as a «*»igto 'senior co-manager* 
comprises a prestigious list of 
German names S G 

Warburg and Braque National 
de Paris (Capital Markets), with 
which IBJ baa bad long-toand- 
ing relationships, are also in- 


- The day’s s e c o nd Japanese 
‘deal, launched somewhat later, 
was a DM50m convertible brad 

’s leading man- 
dis- 




in a still diffi- 
cult 

The issue was being quoted at 
less L30-LQQ by mid-afternoon, 
which was down from earlier 
best levels of 090-0.75, but still 
well within the 2 per cent total 
fees for the brad. 


The par-priced issue, mator- 
.lug in 1993, carries an indicated 
coupon of 1*4-144 per cent The 
conversion premium is expec- 
ted to be about 5 per cent 
Sodick is seen as as an attrac- 
tive stock, and the brad was be- 
ilng actively traded. Dealers re- 


ported little selling and the 
paper was being quoted at 
103L50-10SL5G in Frankfort 

Yesterday’s issues bring to an 
end a lengthy waiting period for 
the Japanese houses, which 
were specifically excluded 
when the Bundesbank allowed 
foreign Investment banks in 
Germany to lead man age D- 
.Hark Eurobonds in May 1983. 

Although there has been 
some anxiety among German 
bankers about foe likely conse- 
quences of Japanese participa- 
tion, Japanese bankers have 
stressed that they intend to be- 
have in a “very orderly manner,* 
according to one senior execu- 
tive. Bather than flooding the 
market or sniping at one anoth- 
er, they intend to observes poli- 
cy of ’sound competition,” he 
.claimed. 


FT INTERNATIONAL BONO SERVICE 


Uriedaefteferieri 


STum 



Ctefeng prices on October 1 


P KlOfctt 
CXXLETlgfl 
r tir a 71, or 


7%%. 


7ia 92. 
i9k9L 
EJEX7 9L 


7V9L 


100 

150 


E-EX. ft* 93. 


300 


-0^2027 
4% 1095 
<4*1026 
ft 2030 
jl 1H25 
9ft Q 9 920 
Oft 82V-+ft -ft 1033 
9ft 9ft O -ft 203* 
10ft rift 0 -ft 2030 
9 ft 4ft Oft 1034 
103% 10ft ft ft 3029 
91 9ft 4ft ft Ml 
9ft 9ft ft ft 10X7 
tS7H 6ft 4ft ft 21M 
97 97V 0 ft 9.95 

9ft 9ft 4ft ft M6 
9ft 9ft 0 *3 9X5 

8ft 8ft 0 ft 2012 
ft ft 9J9 



635 


to wk Ykffl 

45 9ft- 9ft ft -ft. 634 
40 9ft 9ft ft -ft 
20 9ft 9ft -ft -ft 
60 9ft 9ft ft -ft 633 
60 9ft 92V ft -ft 030 
20 "9ft 9ft ft -ft 
20 95>e 95V *ft ft 

On to -ft on vert -ft 



EJJLft 93_ 
EJJLft 97_ 
FM»S ft 77. 
Mart 7V 93 


300 

100 


*9? 9ft -ftft ft 
8ft 8ft 4ft ft 
8ft 8ft 0 
8ft 8ft +ft 



350 

100 

200 


20ft 




891. 



100 
200 
300 8ft 
250 
300 


20ft 4ft ft 
20ft 4ft ft 
10ft 0 
9ft 0 

Oft 4ft 

93 4ft 
8ft 0 


967 
9.98 
-ft 10.42 

JL 1020 
4ft ft 2066 

4ft -ft 1072 
-ft 1010 
9X7 
934 
-ft 1007 
-ft 8.93 
ft 2065 
-ft 9.43 
-1 1023 
4ft -ft 1041 
ft -ft 1014 
_ 83V 4ft ft 1089 
100 9ft 9ft 4ft -ft 966 

inatfai fin. 7**3- 20ft 87^ 87^ ^ 10.72 

riifinri A«erica7V92- 100 9ft 91V 4ft -ft 1027 

Honagr7V9] 500 72V 9ft Oft 969 

ftpdttlnc7V93 200 88 6ft ft ft 1024 

Pradwt to lCtp.8V94., 125 9ft 9ft 0 ft 1030 

<taatasAJr*9slft95- 140 98 9ft 4ft ft 1072 

QveosM Coitm 95, 100 97V 9ft 4ft ft 1169 

Rristnn total 11 V95 150 tl02 104 ft+ftlj_13 

S a ab Santa ft 91 125 9ft 99V ft ^ft 937 

S^attbMDZ0V92 100 10ZV 102V 0 ft 9.99 

state aifS And 9U 93 100 95 9ft 4ft ft 2042 

son* 10 90 — , 170 10ft lift 4ft ft 961 

SwecU ExptXnk7V9] 300 t9ft 92? JftHft 964 

Steed Ejqp CredlOT? — — 100 100% 10ft 0 ft 9JBQ 

Sweden 7 91 250 71V 91V 0 ft 969 

BV96 200 9ft 90^ 4ft ft 1045 

TnfroF tappcc 7V94 100 8ft 8ft 4ft ft 1061 

Tf^ota Motor Cred869^_^ 100 197V 98 Oft 962 

Toyoa AHrXM.7V 92. 150 09V 9ft 0 ft 2007 

VctnrtMiRepllV72— 150 104% 105V ft ft 1020 

World feu* 7 92 300 9ft 9ft 4ft ft M3L 

World to * 9 97 300 9ft 91 -IV 1054 

YasDria Trust Fin ft 93 100 OT? 91V 0 -IV 1056 


BP total 13V 92 A*. 

Obgstar Cm 10 9LCSI 
0OE.8*45LF^S 
CrtffitMtrit 14V90 
Demerit 7\ 92 ECU 
DG FK CtL 13V 90| 
DG Rrk Co. 24 901 
DG Roam lft 92| 



EJ-B 7V 91 ECU 

E-LB ft 93 LFH 
EmonTVTTECU 
Finland 6 91 rH 
£JfJUL9%£| 
GJULC.9V92C1 


Halffax BS lft 97 £ 


bnpCfWB Intel 
ftnvJn lnd.lo8 1093£ 


N*LAnstrrtlal492AU 
Haiioniildt BS 1ft 73E 
N» Zeeland 7V 99 ECU 
OestarsJ8MLl3V74H 
Pnriwitfal Rol9V07 
Royal hslOV 92 £j 

Royal Tima lft 90»j 
Safnsbvnr ( Jlft93£B 
S.0JL7V95ECU-JI 
TsttaHFVneUVW 
TTiyoen7V90FlM 
WmneviCAi90H 
Worid Boric ll V95d 
Wirtl Barit 13V 92 S 

FUMT1H6 RATE 


Offer to 
1Q3V 0 
95V 4ft 
97V 0 

102V ft 
109V ft 
97V -ft 
105V 0 

102% ft 


ft 1265 
ft 1058 
ft 1066 
-1 1364 
ft 1234 
ft 2023 
ft 003 
ft 12.95 


13V.96ASL 
iris 10 03 £. 


9ft 4ft ft 823 
103V 4ft ft 1250 
104 0 ft 1238 

106V ft -IV 12.47 
«ft4ft 0X067 
106V ft ft 1221 
103V -ft ft 1231 
«V 4ft ft 7.94 
103* 0 ft 7-81 

89 4ft ft 920 
99V 0 ft 027 

9ft 0 4ft 1099 
97% ft ft 10J0 

102 ft ft 1315 
96V 4ft +ft U68 

103 ft ft 1280 

93V 4ft 4ft 1096 
97V 4ft 4ft 1065 
62V 0 ft 1145 

99V 0 4ft 1025 

9BV+ft ft 659 

102V ft ft -025 
97V 4ft 4ft 1088 
9ft 4ft -1 9 J2 
101V ft ft 1026 
88V 4ft 4ft 1U3 
101V 4ft 4ft 1029 
98V 4ft ft 3093 
10ft 4ft 4ft 1081 
ft ft 099 


1Q1V 4ft 4ft 1047 
102 V 0 0 6J8 

1Q1V 0 4ft 6-19 

103V 4ft 4ft 1063 
102 ft ft 1226 


AribBeridnggiS 


AriBFki5VS5V92 




Barit of Tokyo 5V 
film 5V 9b. 


6V95. 

^93-. 


roc6i>S%97. 


150 

200 

150 

100 

200 


EJJB697. 
EJ6.6V90. 
01J0 
E 18. 


§ 97. 
95 


150 

300 

300 


Offer to 
95V 96V 0 0 650 

t99 9ft 4ft 0 606 
9ft 95V 4ft ft 736 
t97V 98 ft nl 624 
8ft 89V ft ft 783 
72 92V ft -IV 725 
87 87V ft ft 724 
0 ft 7M 


Ein.Cto6 Steel 5V 97. 


Elec De France 5V 97. 
Hoecri Inn FtaJ 95. 

LAJL0697 

IBJSV76 


300 

175 

300 

300 

100 

200 


9ft ft 722 


100 


Inland 6V 97 

Kbm0nStC6V73. 
Mriayria6-V94. 


iPMstoriNktftOTXW. 
Ppffto 5V92J 
Porm9ei6S95j 

sutsMv*<nmmm 


100 

150 

100 

150 

150 

300 

2C0 

150 


Tokyo Elec. Pmr 6 97. 
World BIC6V 77 — 


100 

300 

600 


4V 722 
99 99V Oft 6.97 
9ZV 92V ft ft 720 
95V 95V ft ft 695 
89V 90V 0 ft 72S 

100V m % ft -IV 6JB 
Wi 92V ft ft 721 
89 89V ft -IV 723 
89V 90V ft ft 721 
25f,-HP, -0J, 7 JO 
983, 991, 0 -Oh &S9 

9b Wj 0 -0% 6.9b 
9«k %H -O'* +(Si 525 
VWa 99%+OJ, -01, 5.99 
+97*j 98*2 0 -14 6.% 

+994 IMP. 0 -04 5jW 
» 0 -Oh; 703 

S+03.+05, U6 
1044 10*5 0 +04 6J9 

933, 943* D -04 Mb 
t91i, Wa o-l 731 
944 944 -0>, -04 730 
44 



CWbafiat*240Z 


^1^300 

Grimm Baric 2V 02 

Mtnofta CaoMra 2V 940M. 
MloriOuriftO] 

Munta3VO0 


WDec W3V99, 
Onvan Triefal 2V| 
|RHfaxjd7V02a 



«7 567 
4/876675 
487 996 
2TS 472. 

*87 axx. 
m. 

676 
5/841109. 
— - 4fl7 800 
— . 2*611 80 

ZO861990 

T7/841990 

1/851295. 

10m 805. 
4071350: 
1/87 05 


li^ng ft 105: 


521 

321 


1M 


YokfiOnaaStoofZVCa—^. 10061040 


4ft 37-1 
113V lift ft 105 
90 91 40V 34.9 

107V 108V ft 
135V 156V 0 

U5V U*V 42V 
27ft 180V ft 
155V 15ft ft 
ZDft 206V ft 
126V m -8-32 

15ft -7V -32 
254 256 -19V *44 
512V 31ft -2 nL6 
18ft 185V ft -U. 
W«l47i;4ft 09 
0 164 

0 05 



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STlAlBrifSH 


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&&WW2V97. 


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EJLBft97. 


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tvttaPdSOZH 


150 

250 

100 

100 

200 

200 

100 

150 


New fw ri ta riSVQZ^ 
Pruvjof Mantoaft 02. 


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SHVHnktaft 

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WT593 


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WriUtok502 


TS 

200 

200 

no 

100 

100 

100 

120 

200 


tioo 

189 

196 

1316 

19ft 

197V 

19ft 

t94 

198V 

19% 

19ft 

1101V 

196V 

t97 

19ft 

196 

19ft 

197V 

19% 


to 

100V 040V 099 

90 ft ft 643 
96V 0 ft 037 

lift 4l4ft U9 
100 ft ft 2.78 
9ft ft ft 526 
97 ft ft 528 
954ft 0 038 

99+OV+ft 014 
9%V+ft ft 0» 
100 0 ft 015 

102V 4ft 4ft 043 
96V ft ft 521 
97V ft 0 526 
95 4ft 4ft 5*3 

2 ft ft 001 
,97 ft -1 528 
20Q ft ft 602 
97%» 0 ft 005 

*4+04 Ut 


t 0^oa« Market Briar arota a priot 


A b In liStoriT rifoMP - V!* ^ ^ bmefa 
L ^ ncrprietawri 

toe iCftL pytotato aengg of jhim ^ 

CM- tim nmmstf mEOZSz!: Wtotao dm eta ifte bdnd 


Fll ^ Ci W. 7toc Itf, 1987. fts pTMWeft y. k. 1lrf1 a . 


r is 







33 


»_• . 

. bo 


Financial Times Friday - October 2- 1987 


UK COMPANY NEWS 


BYnCHARDTOHKffB . 

the Anglo-French 
Channel tunnel venture, yest&r- 
day erode It -deer, that die wid- 
eniiu| of share ownership would 
not figure among its objectives 
when it was floated on the stock 

market next month. 

It said it was anxious that pri- 
vate and institutional investors 
should receive sensible alloca- 
tions in the share ofifering. With 
only about £750m-worth of stock 
to be sold, it was therefore like- 
ly that the initial number of 
shareholders would fail well 
short of lm. 

In the event of a heavy re- 
sponse, a ballot wonld be held 
to eliminate a proportion of the 
applicants rather then makings 
large number of swan alloca- 
tions, the company said. 

These first details of the 
share offering emer ged as Euro- 
tunnel launched its UK market- 
ing programme for the issue. 
The French camp aign will be- 
gin in mid October. 


In the UK. an advertising 
campaign wifi begin today in 
the press and on television In- 
viting people to find out more 
about the offer from the compa- 
ny's share information office. 

The television advertisments 
will flash a warning to viewers 
that an investment in Eurotun- 
nel carries a significant degree 
of risk. • 


' The issue will be unusual in 
several respects, it will be the 
first simultaneous combination 
of a public offer for sale in the 
UK and France, and it- will in-' 
vite applicants to subscribe for 
shares In a venture which is not 
due to come into revenue-earn- 
ing operation until 2993. 

Further, the offer will be of 
units, not of shares. Each unit 
will comprise one share in Eu- 
rotunnel pic -and one share in 
Eurotunnel SA, respectively, the 
British and French joint part- 
ners in the venture. 


S.& Waximig. one of Enrottm-. 
neTs UK advisers, said multiple 1 
applicants would be discour- 
aged but not outlawed. Because; 
of file likely pattern of alloca- 
tion, one big application would 
be more likely to succeed thani 

many small ones, the bank said. ; 

■ ■ ■ 

About £300m worth of thej 
stock will be offered In the UK' 
and a similar sum will be of- 
fered in France, with the re- : 
mainder being placed in other; 
international markets. The 
pathfinder prospectus will ap- 
pear in early November, the fi- 
nal prospectus will follow in 
mid November, and the offer 
will close at the end of the 
month. 

'■ Applicants will not be given 
the incentive of paying for the 
stock in- instalments. However,, 
travel perks for private inves- 
tors are planned. | details of 
which will emerge in' the next 


Fords buys 


AC Cars 
for £1.3m 


Clay Harris examines ABF’s bid for S & W Berisford 

The not-so sweet war for sugar 


By John (MflRta 


i 


plans to spend £L& 
Wiring a 51 per cent sta 

C Cars, the small Bi 


in publicly-quoted AC Held- 


from which It intends to buy 
the stoke, would not vote on the 
•Her until October SI. 

The purchase is being rec- 


HTV jumps 32% to £11. 9m 


HTV, the television programme 
contractors, increased pre-tax- 
profits by 32 per cent from 
£ 9.01 m to £lL9m on group turn- 
over up from £1 13.67m to 
£116.61xn for the year endin g Ju- 
ly 31 1987. 

The directors are . recom- 
mending a final dividend of &6p 
(5.7p) ma kin g 9.8p <$L5p) for the 
year. Earnings per 2Sp share in- 
creased 57 per cent to 37.03p 
C23L57p) with attributable prof- 
its of £7. 67m (£4458m). Taxes 
amounted to £424m (£4J13mX 

Around 95 per cent of operat- 
ing profits - £10.42n (£9J7m) - 
came from file television sector 
after payment of an Exchequer 
Levy of £5. 18m (£L2mX Fine art 
contributed £546,000 (£527,000) 
and stationery made a much re- 
duced loss of £2304)00 (£L58m). 
Investment income Qess inter- 
est payable) came to £L17m 
(£189,000). 

The directors said - that the 


stationery activity has been run 
down since September last year 
with the realisation of assets 
and settlement of all obliga- 
tions. 

There was an extraordinary 
credit of £2L53m (£4J55m loss) re- 


lating to provision made in July 
1986 for the diminution in value 
of assets and other related com- 
mitments. The realisation oper- 
ation is almost complete and 
£2L53m is not required due to 
containment of losses to an esti- 
mated £L73m. The directors 
note that this result was at- 
tained while providing en- 
hanced benefits to members of 
the Dataday pension plan. . 

"comment 

It is fair to say tha t M is 
Thatcher is not exactly HTVs 
favourite person right now. The 
company's overseas sales fall 
from £73m to £2.74m following 
the Government-imposed levy 


on exports announced in A pril; 
1986, just days before HTV won 
the Queen’s Award for Expert 
The downturn in foreign sales, . 
and consequent increase in the 
domestic levy due to higher 
profits on this- side, resulted in 1 
yesterday's figures being slight- 
ly below City expectations and 
the shares dropped 18p to close 
at 37 3p. On the good news side, 
HTV has maintained, at 6.45 per; 
cent, its share of the advertising 
market, no mean feat consider- 
ing the moves concentrating in- 
vestment. In the south east In 
addition, the company has sort- 
ed out the Dataday diary pub- 
lishing subsidiary, resulting in 
£2. 52m of last year’s £425m ex- 
traordinary debit- not "being re- 
quired and now appearing as an 
extraordinary credit Assump- 
tions of pre-tax- profits for this 
year of between 04m and £Um 
produces a prospective pfe of 8, 
jolly good value. 


! the minority stake in AC Cars. 

To complicate matters far- 
ther Autakraft makes a replica 
of the Cobra and Is authorised 


the US, where they are sold 
through Ftoid dealers. 

Ford refused to say what a 
majority stake in AC Cars 
might mean far AutokrafFs 


the AC or Cobra names. Hr 
Brian AigHra, Antokraffs 
managing director, was un- 
available tor comment 


A 


THE TWO-year phoney war over 
S & W Berisford is over. It re- 
mains to be seen whether yes- 
terday’s hostile bid by Associ- 
ated British Food s, valuing the 
company at £767 m, will cut the 
Gordian knot and resolve the fu- 
ture of Berisford’s British Sugar 
subsidiary once and for alL 

It is certain, however, that the 
ABF bid will provide a critical 
test for Berisford’s effort in re- 
cent years to strengthen its 
management and expand its ac- 
tivities from the traditional re- 
liance on beet sugar refining 
and commodity trading. 

But the biggest question is 
whether the Government will 
countenance any change of 
ownership in an industry as po- 
litically sensitive as sugar. Only 
seven months ago, rival bids for 
Berisford by Tate & Lyle, the 
UK cane sugar refiner, and Fer- 
ruxti of Italy, like Berisford an 
agribusiness group whose sugar 
business is based on the EC-fa- 
voured beet, were blocked by 
the Monopolies and Mergers 
Commission. 

Both companies have since 
sold their shareholdings - Fer- 
ruzzi to ABF and Tate to hands 
friendly to Berisford. The facts 
that Tate is not involved this 
time, and apparently neither 
has any objection to ABF's own- 
ing British Sugar nor sees any 
need for another Monopolies in- 
quiry, could prove decisive. 

Although the Office of Fair 
Trading did not object, after in- 
vestigation, to ABF’s current 
23.7 per cent stake, the frill bid 
will face closer scrutiny, espe- 
cially with a loudly objecting in- 
cumbent management 

Political considerations 
aside, the two sides in the latest 
takeover battle could hardly 
have more starkly differing vi- 
sions of Berisford’s fa tore. Mr 
Garry Weston, ABF chairman, 
Baid Berisford should focus on 
its food activities, a definition 
he does not stretch too widely 


, S&W Berisford 

Year to Sep temb er 1988 

Turnover □ 

industrial & processing 

- £i.7 


Pre-tax profits 


\^?£5.780Ai-j^ipj 


09.1 


£ 1.2 


Property 


Food 



■ ■ ■ ■ ■ ■ ■ ■ 

- -n 


Total-£9,695J» thousand 


Financing & 
financial services 


£4.6 


*nd mm Total- £70.1 thousand 

B»B8a (ttcMuonionfito 

Comm ocfcty n wchantfng of Ranks Howls 
.6 International tracing McOoupm shares) 


into the adjoining fields of agri- 


Berisford management, be 
said, is dominated by directors 
with the mentality of commodi- 
ty traders, property developers 
and US arbitrageurs (a refer- 
ence to the Pritzker brothers of 
Chicago who joined the board 
yesterdayX What British Sugar 
lacks and needs, Mr Weston ar- 
gued, is the industrial and man- 
ufacturing approach to its core 
business that a food giant like 
ABF would bring. 

British Sugar’s operations are 
not dissimilar to ABF's milling 
and baking activities, he said. 
The group's retail brands in- 
clude Snnblest, Allinson’s and 
Vltbe bread, Burton biscuits, 
Ryvita crispbread and Twining 
tea. 

ABF would concentrate on 
the "practical side of the food 
business but not the pie-in-the- 
sky business," Mr Weston said. 
He dismissed Berisford’s more 
ambitions plans dike using beet 
straw for paper or fael) and the 
creation of Blister as a separate 
agribusiness vehicle. 

Mr Henry Lewis, Berisford 
deputy chairman, rejected the 
liiMgnnrig; "We believe we have 
a wuma g ftnwwt and a strategy 


that has got itself in a position 
to progress this business very 
rapidly." Mr Lewis, former joint 
managing director at Marks and 
Spencer, is increasingly the 
public voice of Berisford as one 
of the phalanx of new managers 
brought in to bolster the veter- 
an chairman, Mr Ephraim Mar- 
gulies. 

"This bid Is about manage- 
ment," Mr Lewis said yester- 
day."Mr Margulies is the un- 
questioned leader of this team 
and is a man Of considerable 
talent, but be hasn’t gathered 
around him a group of people to 
sit and watch.” 

Among the new faces are Mr 
Peter Jacobs, formerly of Mars, 
British Sugar’s managing direc- 
tor, and Mr Philip Aaronberg, 
formerly of Arthur Andersen, 
now Berisford's chief financial 
officer. Promoted from within 
were Mr Melvyn Ansher, in 
charge of property, and Mr Ho- 
ward Znckerman, heading up 
US operations. 

He defended Berisford’s rap- 
id move into property both in 
the UK - it owns Midland Monta- 
gu's new Thames-front premises 
between the fanner Billings- 
gate fish market and 'fate's own 


headquarters at Sugar Quay - 
and the US. 

The very diversity of the 
group allowed it to absorb the 
recent problems of the com- 
modity trading side, he said. 

Berisford’s share price start- 
ed yesterday at 349p, almost ex- 
actly the price which Tate re- 
ceived for its 14.99 per cent 
stake in a deal agreed only two 
weeks ago. Tate sold the shares 
for ElOOm to Berisford directors 
and the Pritzker family, owners 
of the Hyatt hotel chain and the 
US airline Bran iff 

The Pritzkers hold about 11 

S er cent of Berisford. joining a 
efensive alliance which also 
includes US-based W.R. Grace, 
which is shortly due to receive 
about 7m Berisford shares as 
part payment for the cocoa-pro- 
cessing joint venture recently 
established by the two compa- 
nies. 

Tate suggested yesterday that 
ABF probably could have 
bought the stake for a price 
close to the 350p it was seeking 
or the 348Vbp it accepted be- 
cause of the promise of prompt 
payment by Charterhouse Bank, 
Berisford's financial adviser 
which co-ordinated the Pritzker 
purchase. 

Tate, a bit chagrined that the 
shares it sold two weeks ago are 
now worth £15m more at the of- 
fer price and £22m more in the 
market, indicated that it would 
have been willing to drop the 
condition that ABF sell its part 
of British Sugar’s assets. Mr 
Weston said, however, that no 
figure had ever been mentioned 
in his talks with Tate. 

Speculation in London, mean- 
while, centred on the Pritzkers, 
caught up in a hostile bid battle 
within days of making their first 
major UK investment. Although 
there were informed immedi- 
ately of the development, they 
appeared last night to be rely- 
ing on the local experts to chart 
the course of Berisford's de- 
fence. 


Etam exceeds £5. 5m midway 


Pearson warning on new stake 


BY RAYMOND SHODDY - 

LORD BLAKENHAM, chairman 
and chief executive of Pearson, 
yesterday warned that new 
large shareholdings in the in- 
formation, b anking an< i china 
group were unwelcome - 
The statement 'from ; Lord 
Blakenham came niter his first 
meeting far ten' years' with Mr 
Rupert Murdoch*, chief: execu- 
tive of News Corporation, who 
last month unexpectedly spent 
about £250m in acquiring a 14.7 


It remains Pearson’s consist- 
ent policy not to be too closely 
identified with any one compa- 
ny as a shareholder, ' Lord Blak- 
enham said. The company be- 
lieves that stakes as large as i5 
per cent are inherently destabi- 
lising— too small to give a real 
measure of control, too large to 
be passive long-term ' invest- 


ham made it clear that Pearson 
’stands ready to. consider fa- 
vourably any commercial initia- 
tive that would be in -all its 
shareholders* interests.* 

- After rthe meeting;' Mr Mur- 
doch, who controls five national 
newspapers In the UK, said he 
intended his stake - to be a 
longterm investment and reit- 
erated that he had ’neither the 
desire nor the intention* to take 
control of Pearson. Mr Murdoch 
added that ’he hoped to be sup- 
portive of the management and 
the company as a whole.’ 

• The - Am erie&n- Australian 
newspaper proprietor has made 
It clear to associates that he be- 
lieves he has a contribution to 
to the management of 


yesterday welcomed the assur- 
ance from Lord Young, Trade 
andlndusiry Secretary, that any 
take-over bid for the Financial 
Times. wonld have to be re- 
ferred to the Monopolies Com- 
mission. 

•The .Office of. Fair. Trading 
will almost certainly consider 
the purchase of Martins,- the 


l Hi mi 

de] 

COMM 

serci 


Dittos, S urr e y , where it had 
formerly produced care like 
the AC ACE and Cobra, togetit- 




BY ALICE BAWSTHOHH 

Etam, fashion retailing group, 
yesterday announced a 45 per 
cent increase in pre-tax profits 
to £5i55m for the first half of the 
year, following a period of un- 
expectedly buoyant sales 
growth. 

In the first half of the year 
Etam staged two acquisitions: 
of Snob, the womenswear fash- 
ion shops, and Peter Brown, the 
mens wear retailing group. The 
company has now completed its 
review of the two new busi- 
nesses and, once it has assessed 
the results of running experi- 
mental units, it intends to refit 


established Etam and Tammy 
shops. The Snob chain will be 
expanded from 14 to 50 units. 

Both the Etam and Tammy 
ri«»iii« experienced healthy 
sales in the six months to Au- 
gust 15. Group turnover rose to 
£49.6m (£36m). This was partly a 
reflection of healthy demand 
and partly of the group’s recov- 
ery from a weak sprineteommer 


weak springtetunmer 


Trading profits rose to £&54m 
C£3.8m). Taxation deducted £2m 
(CL 5m). Earnings per share in- 
creased to 6L7p (45p) and the 
board declared an interim divi- 


citing retailer rapidly ap- 
proaching stagnation in its 
established markets with no im- 
mediate prospect for growth 
elsewhere. Earlier this year it 
countered its critics by buying 
Snob and Peter Brown, both of 
which offer scope far growth in 
new, if far from unfamiliar ter- 
ritory. By pitting SNOB against 
Top Shop and Peter Brown ver- 
sus Top Man, the group is ven- 


SELL 

YOUR 


five provinces of the Burton 
Group. Etam’s record suggests 
that it has the administrative 
to manage new busi- 


At the private luncntune 
meeting at Pearson’s Mill bank 
Tower headquarters in London, 
no concrete proposals for possi- 
ble joint ventures were raised. 
The meeting was, however, said 
to be friendly, and Lord Blaken- 


ivate lunchtime 


There was little in yesterday's 
to encourage such a 
close relationship, but it is like- 
ly that both men- will meet 
a gain, and that eommericial 
joint ventures, particularly in 
newspaper and book-publishing 
areas, are far from ruled out No 
date, however, has been set far 
a further meeting. 


an Australian consortium in 
which Mr Murdoch has a one- 
third interest. -The OFT normal- 
ly considers any change of own- 
ership involving assets in ex- 
cess of £30m; the Martins -deal 
was worth more than faOQUk - 
■ Apart Grom the asset limit, the 
OFT can also look -at- deals 
which increase the vertical in- 
tegration in an industry. Mr 
Murdoch, apart from publishing 
newspapers, has an interest in 
TNT, the Transport company 
which distributes his newspa- 
pers. Now, in many parts of the 
country be also has an interest 
in the final link of the newspa- 
per chain — the newsagent who 
sells papers to the pahUc.' 


P j_* r-_j i (H<i 

r; \ jg 4 i ( --g j r* i' J 

f = 1 ri #7TT1 [TT^T 

L'i i j ri i f ;T * i 

f rj <T[*y7m 1 > 

yj) i r» w t F : 1 1 » l(n < fo'.'/- )-•! 

i 1 1 

pi i 

iT.K j • 


the customer 


of the 


as an efficient, but nnex- ventures bear fruit. 


Cowells improves to £0.35m 


which owns a half share in the 
port of Falmouth. As part of 
the deal, which is the brain- 
child of Mr Pater de Savavy, 


whole of the port. 



■ Cowells, USM-quoted special- 
ist printer, lifted pre -tax profits 
by 20 per cent from £2934)00 to 
£3534)00 on turnover ahead 
from £4. 15m at £A5m in the first 
half of 1987. 

The declared interim divi- 
dend remains unchanged at lp 
and after tax of £120,000 


(£1144)00) earnings per share 
moved up from 2.4p to 3£p. 

The directors reported that 
current trading was continuing 
to meet expectations and that 
they were optimistic that the 
outcome for the year would be 
satisfactory. 

The growth in security prod- 


ucts had been particularly 
strong, with several large con- 
tracts being undertaken during 
the period. Order books were 
looking good, as were prospects 
of one or two major projects be- 
ginning to bear fruit 
Financial printing was prov- 
ing successful 


Through the 
Weekend FT 
Property Pages 

GALL 

£01-489 0331 

NOW 


*_£ : - “"‘••'it ‘"M T r: * T > f +t * -v, t - : -k • ' s 




& 






. The Financ ial Times 
proposes to publish a Survey on 




INDIA 


.tfv 












< . 

V/. v> : 


4* .1 




tT* 


Pre-tax profits £4.4m £3.1m +41% 

Earni ng s per share 10.32p 8.59p +20% 

■ ... 

Dividend 2.20p 1.85p +19% 


[HI Growth continues for 14th consecutive year 

Further expansion, especially in GALA Finance 

1551 New. subsidiaries in Midlands, Cambridge , 
IH1 and Strathdvde - 


and Strathdyde . - 

Dominion Homes acquisition proving 
very profitable. 






Earnings per share (p) 


549 


72 








V. t.u 


t. 


m 


v 




• i: : + 






o'v?: 


Copies of the' Annual Report ^Accounts can be obtained from 
The Secretaries. 1 Golden .Square, \herrit en, AI>9 ST>H 


on October 15 to commemorate 
India’s 40th Anniversary of 
Independence 

Subjects to be covered in this Survey include: 

POLITICS 

Political development of India dominated by 

Nehru dynasty 

TECHNOLOGY 

Foreign collaborations and development of 
■ electronics industry 

PUBLIC AND JOINT SECTORS 
Features on steel, stockmarkets, 

■ telftgft yBm n nicatton g and banking 

ECONOMY 

The ennent state of the economy 
FOREIGN AFFAIRS 
Likely developments as leader of 
non-aligned movement 

- For information on advertising tm tins 
Survey, contact : 

. Area Uf»nagw Southern Asia 
HUGH SUTTON 

Financial Times 
Bracken House 
10 Cannon Street 
London Ec4p 4by 
Tel: 01-248 8000 ext 




[ SELL YOUR HOUSE ~] 

I Through the Weekend | 
j FT Property Pages | 

^ I 

0 CALL 01-489 0331 NOW ! 


This wmouncoment appears as a manor of record anty. 


FoBowmg the recommended offer on all ordinary shares of 
Kluwer nv with the intention to enter into a complete merger 


Wolters Samsom Groep nv 


has acquired a majority interest in 


Kluwer nv 


and has changed its name into 



Wolters Kluwer nv 


The undersigned acted as financial advteor to Wolters Samsom Groep nv 

in this transaction. 


Bank Mees & Hope nv 


August 1987 























34 



The Felixstowe Dock 
and Railway Company 


Interim Results 


The profit before taxation for the ax months to 30 June 1987 was £3359,000 (1986: 

£3 j5 86,000). The profit after taxation was £2,378,000 (1966: £2^41,000). 

The nnerimdivkleiidoD the 6^%CanmlanveRetk5emfll^Prcficreiicc Shares was paid oq 
1 July 1987. 

cm thg 5% rmnnlaHvc RrrirriTablr PartirilrM U ira Preference Shares was 

on 2 July 1587. 


The Direc tOT S do not p ropose to pay an interim dividend on the OttfiDary Stock. 


European House, 
The Dock, 
Felixstowe IPI2 8 SY 


1 October 1987 


Profit and Loss Account 

Fa the sir m o tith f 30 June 1987 



to 30 June 
2987 

six months 
to 30 Jane 
1986 

year to 

31 December 
1986 


rooo 

rooo 

rooo 

Turnover 

304113 

26361 

5432 s 

Net operating costs 

(25384) 

(224)17) 

(45372) 

Operating profit 

5j429 

4344 

8353 

Interest payable 
less receivable 

(1,770) 

(758) 

(2*711) 

Profit on ordinary 
activities before taxation 

3359 

3386 

5342 

Taxation on profit 
tm ordinary activities 

(1*281) 

■ 

0345) 

(2*414) 

Profit on ordinary 

2378 

(833) 

2341 

(829) 

3*128 

0377) 

aCUVUKB HIIWI IMifllHfH 

Dividends (note 1} 

Profit for Che period 
retained in this accosat 

1345 

1*412 

1351 

Earnings per £1 of 
ordinary stock 

44 _2p 

40.4p 

44.4p 


Notes 


1 Dividends paid, proposed aad accrued are as follows: 



six months 
to 30 June 
1987 

to 30 June 
1966 

year to 

31 December 
1986 


rooo 

rooo 

rooo 

63% Cumulative Redeemable 
Preference Shares 

(650) 

(650) 

( 1300 ) 

5.0% Cumulative Redeemable 
Participating Preference 
Shares 

(183) 

(179) 

(277) 

Ordinary Stock 

- 

m 

- 


(833) 

(829) 

(1377) 


2 The figures for the year to 31 December 1966 an based an the audited accounts for 
that year on which the auditors gave an unqualified report. The six months results 
are unaudited. 



Nrwhwe 


as a matter of record ordy. 


Financial Times Friday October 2 1987 


UK COMPANY NEWS 



Paul Cbeeseright considers the floating of Stanhope Properties on the LSM 

Christmas comes early for the market 


STANHOPE PROPERTIES, the offer is the cleanest way to 
company founded and con- bring Stanhope to the capital 
trolled by Ur Stuart Liptoa, is to markets. Had there been a re- 
make its long-expected market verse takeover Stanhope would 
debut with a tender offer of Id have been left with a portfolio 
per cent of its equity which of properties In which it proba- 
should gi ve It a market capital- bly would not have been inter- 
isation of £ 200 m. rated, given its penchant for big 

At a minimum tender price of developments. 

180p a share lLlm shares are Stanhope, then, goes to the 
being sold to realise at least Unlisted Securities Market. Its 
£17 An. trading record, back to 1883, is 

The proceeds would bring net not long enough to permit it to 
tangible assets to a total of go for a listing That will come 
£130.7m, giving, cm a folly^di- later. 

luted basis, anet asset value on But the new shareholders are 

ib * r *^ ** not being offesedastream of 

All tlilc hoc hoAn g Hfflo llVwa ho£C dlVldGIldSi B6V€flU6 6flTD* 

stSUtfSKH^ 2 

dividends they will be of a nom- 


inal amount, the company has 
made clear. 


pie. They knew it was coming 
but did not know what it would 
bring For more than a year 
speculation has been rife that 
Stanhope would come to the 
market In one way or another. 

It was not long ago that any tat growth*, said Mr Upton, 
time a bid was mooted for a Those assets are In foot being 

am of 



a marriage of the financial ami- 

holders win oe i“n of Mr Godfrey Bradman at 

fa®. They will be backing the re- £ S' « 

Srt of' «» .uptofJS!^ SSS Sr 

assu mi ng that it will perform. ^ ^ ^ j 0 jnt venture that is 

Mr Upton has been develop - working on the money-spinning 
ins property since the 1880s. He Broadgate, the biggest eonuuer- 
ami his partnero at Sterling cia i office development in the 
i-anri sold to Town and Cily, city 0 f London, on another of- 
nmre by luck than judgment, fice project at Holborn Viaduct 
just before the 1873 crash. He station, and on BlackwaU Yard 
built up Greycoat with Mr Geof- ^ the Royal Docks in London 
frey Wilson before suddenly docklands, 
leaving in 1883 to take a year on on its own account, apart 

and think about things. from project management at 

Tie main rtsnlt f“jS& SSL'tSd'IKSK 

tSSS’toflfe ttrs5oieintheCi1ysSS 

ssStsEb sests 

St^oS founded in 1984 Thames in the Royal Festival 


•We’re oStering shareholders M*r*w*c* ith«rf £ 73 , 000 ^ toe yeartoJuikCl^ ^ 

M ete , What we're about is as- Steart UpbA cMcf ■ to £42Jhn by June U87- A reval- ana 


Stanhope bui It up assets from Hall area. 

IT to June 1984 All the develop 
. ion a m«hU and around Lonat 



hope in, was a familiar line of the year to last Jane. Grad 
argument 
S.G. 9 
which is t 
that 


ments are in 

on. Mr Liptoa 

cation, Te^Tn his a simple ruie. If ^.u ramot 

d Chincocfcs, of RMehaugh dnve to the sjte lc 45 cunotM^ 
need a farther you .ho.ald act do^tte derelop. 

___ is his style, as befitting 
to the man who will retain S3 per 
£330 7m. cent, that permeates the cempa- 


S' hope, Mr Upton stressed, is not dearest evi- ny - find the site, anticipate the 

S5?±S.'SS“.*!tS , S2SS apropeilytradla* company Jihe d( ££ J8£!SS52£?5 S- towHerm demand, mintoi« 

sehaugh Stanhope to Stanhope, the risk, get the right designs 
long-term share- The joint venture is effectively and build fast- 




Butte for market with £60m value 


Butte Mining, a company plan- holders who are »ni"g their 
ning to exploit silver, gold and 
base metal interests which it 
owns in the US state of Mon- 
tana, Is coming to the London 
stock market through a 
which will value it at£60m. 

Stockbroker T.C. Coombs is 
placing 15m shares, or 25 per 
cent or the enlarged equity, at 
lOOp a share. Two-thirds of the 
£15m proceeds will be applied 
to the exploitation of the mining 
prospects and the remaining 
third will go to existing share- 


Butte Mining owns the rights 
to develop and exploit an area 
of about 1300 acres around the 
city of Butte in Montana. The 
prospectus says the area eon- 
tains established ore reserves 
with a pre-tax undiseounted net 
worth of over$137m (£845m). 

The prospects were previous- 
ly owned by The Anaconda Min- 
ing Company which extracted 
large quantities of natural re- 
sources from them until 1983, 


when it was bought by Atlantic 
Richfield. Butte now 

plans both to re-open previous- 
ly established operations and to 
initiate farther devel o pm e nt 
and exploration. 

As a start-up v ent ur e, Butte 
Mining has no track record and 
the prospectus warns that the 
company's operations carry a 
high degree of risk. The possi- 
bility of delays to the extraction 
of recoverable reserves and ad- 
verse shifts in base metal prices 



Research into the . 
has been carried out by Robert- 
son R esearch, an international 
mining consultancy the parent 
of which, Robertson Research 
(Singapore! will hoU nearly 17 
per cent of Butte 
MrRoy Bichan, non-executive 
chairman of Butte (and chief ex- 
ecutive of Robertson Research), 
said Butte was being floated in 
the UK instead of the US be- 
cause most of-the board and 
many of its shareholders were 
British. 


Goodman Inti in double acquisition 


BYMARTMnCKSON 

International, 


the 
Irish 
and exporter, 
has this week reached agree- 
ment on two strategic acquisi- 
tions in the food sector. 

It is buying 68 per cent of the 
shares in The Merchants’ Ware-' 
housing currently held by R. & 
EL Hall (323 per cent), Barnett 
Group (24.4 per cent) and W.P. & 
R.Q. Holdings (3.7 per cent) at a 


price ofn2$p012p) a share. It is 
making a mandatory offer un- 
der the Takeover Code for the 
rest of the shares but intends to 
maintain Merchants' listing and 
the company's board, which ap- 
proves the stake change, recom- 
mends shareholders not to ac- 
cept the offer for the 
outstanding equity. 

Goodman in tends to develop 
Merchants' core cold 


and distribution operations but 
believes that the acquisition al- 
so offers good oportnnities in 
the UK and continental food ex- 
porting business. 

" Retaining the quote will also 
give invest o rs an opportunity to 
get to know Goodman, which 
was founded in 1988 by its chair- 
man and chief executive, Mr 
Laurence Goodman, and is 


towned by his family's interests. 

- This week Goodman has also 
agreed to buy Minch Norton, Ir- 
eland's largest maltster, for 
£9Bm. The deal will take Drum- 
monds & Dolans, the grain divi- 
sion of Goodman, into the malt- 
ing industry. The moves follow a 
strategic review by Goodman 
last year which has led to a In- 
creased emphasis on added val- 
ue. 


Felixstowe 

Dock 

profits rise 


The Felixstowe Deck and Rail- 
way, the ultimate holding com- 
pany of which is P & O, yester- 
day reported pre-tax profits up 
from £339m to £336m for the 
half year to June 30. 

Turnover for the period was 
£30Blm (£2BL36m) and operating 
costs £2&38m (£2&02m) leaving 
a net operating profit of £5.43m 
(£434m)Jnterest payable, less 
receivable was £L77m (£758,000) 
and tax took £138m (£L35m) 


Dowding & Mills 35 % ahead 


RECORD SALES, profits and pre-tax. 



The Central Bank of the Republic of Turkey 

(Turkiye Cumhuriyet Merkez Bankasi) 

Ankara, Turkey 

DM 200,000,000 

7°fo Deutsche Mark Bearer Bonds of 1987/1992 

unconditionally and irrevocably guaranteed by the „ 


Republic of Turkey 


Issue Price; I00°>b ■ Interest 74fa p.a, payable annually in arrears on October 1 - Redemption: on October 1, 1992 at par ■ Denomination: 
DM 1,000 and DM 10.000 ■ Security: uncontfitiona! and irrevocable guarantee of The Republic of Turkey; Negative Pledge of the Issuer and 

the Guarantor ■ Listing: Frankfurt Stock Exchange 


AMBllCAN EXPRESS BANK GMBH 


BANQUE INTERNATIONALE 
A LUXEMBOURG SA 


CITIBANK 

AKrKNCUIUSCHVI 


MITSUI FINANCE 
INTERNATIONAL LIMITED 

NOMURA EUROPE GMBH 


COMMERZBANK 

AKTENGESELLSCHAFT 

BANCO DE BILBAO 
DEUTSCHLAND AG 

BAYBU5CHE LANDESBANK 
GfROZENTKALE 

DEN DANSKE BANK 


MORGAN STANLEY GMBH 


TORKiYE 1$ BANKASI AS. 


BANQUE BRUXHJJES 
LAMBERT SA. 

CHASE BANK 


DGBANK 

DEUTSCHE GENOSSBfSCHAFTSBANK 

NEDBUAND5CHE 
MIDDEhBTANDSBANK NV 

WESTDEUTSGHE LANDESBANK 
GKOZENTRALE 


YAMAJOS INTERNATIONAL (DEUTSCHLAND) GMBH 


nounced yesterday fay 
& Hills, Bi 
electrical and mechanical engi- 
neer, for the year to end-Jnne 
1987. 

Furthermore, the c u rrent 
year had started well with im- 
provements being seen in all 
sectors. 

For 1988-87 the enlarged 
group raised its turnover from 
£2839m to £4&56m and saw its 
profits rise by £L44m to £&58m 


Earnings per lOp share rose 
to 41p (3.86p) and a final divi- 
dend of Ll2p (lp) raises the to- 
tal from i.58p to L76p. Taxes 
amounted to £2. 12m (£L56m). 

Mr Peter Holliogs, the chair- 
man, said the 35 per eent profits 
advance was achieved In the 
face of subdued industrial ac- 
tivity and mainly stemmed from 
improved profitability from ac- 
quisitions. 


to group profits and further im- 
provements should be achieved 
this year. Of the other acquisi- 
tions Electric Motor Services 
made a use fill contribution to 
profits and although Mannings 
Marine made a small loss, man- 
agement efforts should ensure 
its contribution to earnings this 


last year, contributed over £lm 


Capital investment for the 
past year at £23m was similar to 
that of 1985-86 and helped de- 
velop and expand group facili- 
ties. 


Lawtex slips 10% to £300,000 


THE COSTS of reorganising its 
Irish-based leisurewear opera- 
tion resulted in Lawtex suffer- 
ing a 10 per cent fall in pre-tax 
profits to £3024100, against 
£334,000, in the year to June 27 
1987. 

Turnover of this Oldham- 
based Hnfhiwip and umbrella 
manufacturer fell to £1936m 
(£20.5m) as -a result of the sale of 
its workwear division during 
the period. Operating profits 
came out at £7914)00 (£7444100). 

Earnings per share were low- 
er at &8p (7J»p) and the direc- 


tors are recommending a main- 
tained final dividend of lp for 
an unchanged total of 2p. 

The net proceeds from the 
sale of the workwear division, 
amounting to £518,000, were tak- 
en as an extraordinary item. 

Mr Peter Schaefer, chairman, 
said the umbrella sector was 
again soundly profitable. The 
weather which had been dry 
last antnmn and early spring 
was balanced by a met winter 
and summer. ' 

He added, however, that the 
summer rain which had helped 


umbrella sales had dampened 
demand for the spring/summer 
lines in baby products and lei- 


Banner Homes 


. heads for USM 
with £13m tag 

• By Pump Gossan 

Banner Hemes, a Home Coon- 
ties housebuilder and sheltered 
housing developer, is joining 
the Unlisted Securities Market 
via a placing which values the 
group at £13. 28m. 

Banner, which is wholly- 
owned by Mr Stuart Crosstey, its 
chairman and chief executive, 
operates mainly in Buckingh- 
amshire and south Oxfordshire. 
Charterhouse Tilney is placing 
2.83m shares, about 22.4 per 
cent of the equity, at XOSpeach. 

The majority of the shares be- 
ing issued are new and will cut 
the group’s gearing dramatical- 
ly from 400 per cent to about 70 
percent 

Last year, the group's pre-tax 
profits were £4884)00 but the 
company is forecasting an in- 
crease to £ 1.25m this year. On 
that basis, the prospective p/e is 
13.7. 


Baby products expanded sub- 
stantially and the range of ma- 
jor customers was broadened. 
Progress was made in establish- 
ing a branded line for smaller 
chains and speciality outlets. 

Mr Schaefer said he thought 
the reorganisation in the leisu- 
rewear division would improve 
the company's position in the 
fi e rceiy-com petiiti ve market. 


Parrish surges 

to £993,000 
halfway 

Parrish, the tally listed stock- 
broker, yesterday reported a 
surge from £13,000 to £903,000 in 
half year pre-tax profits and is 
resuming dividends for the first 
time since 1982 via an interim of 
lp- 

The company started life as a 
Newcastle department store but 
was transformed from a "shelf* 
Into a chain of regional stock- 
brokers at the end of last year. 

The results for the six months 
!to July 31 included those of all 1 
.of the stockbroking businesses 
'for the fell six months, with the 
exception of the Cirencester of- 
fice which opened at the end of 
April 

During the period many of the 
support and administrative ser- 
vices were rationalised and 
consolidated. The directors 
said this process would be com- 
pleted by the end of the year. 

■ These services will be located 
in new offices in London Vail 
Buildings, where a new comput- 
er has been installed. ' 

Turnover for the opening half 
year totalled £597m <£90,000) 
and at the operating level prof- 
its amounted to fiLOfen <£14*000 
loss). Tax accounted for 
.£347,000 (£4,000) and earnings 
per 5p ordinary emerged at 
10.87p(O2p). 


COMPANY NEWS IN BRIEF 


BRYSON OIL & CAS fa acquir- 
ing the Torrid Energy Company 
of Dallas for 1.433m Bryson 
shares. Torrid will become Bry- 
son* operating aim in the U.S. 
Mr Delo Caspazy, Bryson’s 
chairman, said that after the ac- 
quisition reserves would 
amount to 2.16m barrels of oR 
and 7.95m cubic feet of gas, 
equivalent to total reserves of 
3 . 489 m barrels of oil, against 
336,000 last November. 

CARLK8S.CAPEL and Leon- 
ard has acquired C amd M Prop- 
erty Investment and its subsid- 
iary Quest Petroleum for £L49m 
In shares and cash. Quest ^ 
Enerco distribute automotive 
faels and beating oil In the West 
and North Midlands 


Oft, has conditionally agreed 
to buy Robinskl & Co, a distrib- 
utor of foods to delicatestans, 
for q^Sin. Robinski broke even 
in the year to June on turnover 
of£5£m 

MERCANTILE HOUSE : the 
Government has decided not to 
refer to the Monopolies Com- 
mission the acquisition by 
Quadrex Holdings of Mercan- 
tile’s wholesale broking divi- 
sion. 

JOHNSON MATHEY has sold 
Palmer Research Laboratories 
to Associated Octel for £lm- The 
sale fa a farther step in John- 
son’s rationalisation of non- 
coreactivities. 

COgxAIN has taken a majori- 
ty interest in Clowance, a West 


Country time ownership resort 
STODDARD HOLDINGS : the 
fina l number of conversion no- 
tices received for its 10 per cent 
cumulative convertible redeem- 
able preference shares was 98.4 
per cent The board says the lev- 
el of conversion endorses Its 
view the company fa moving to- 
wards realising its fall profits 
potential 

AAF Investment Corpora- 

— ..rev.„ rights issue was taken 


DIVIDENDS ANNOUNCED 


CawellsS 


Jot 


int 


Dowding A Mills -fin 
pile Stores int 




GaWford 
HTV 


int 

.fin 


Jacob (W&R) 
Lalng ... 
Lawtex 


.fin 


int 

fin 


PAW MiM , i*|ian in t 

MetsccS int 

Parish — int 

Beg um Health 5 —fin 
RivMn .....int 


Throg. Dual fi n 

Triplevest Int 


Current 

Date 

of 

Corres- 

ponding 

Total 

for 

Total 

last 

payment payment 

div 

year 

year 

1 

Dec 2 

1 


3 

L15 

Nov 23 

_ 

• 

. 

L 12 t 

> 

1 

176 

L58 

L65 

Nov IS 

L5 

- 

4.75 

L55 

Jan 5 

13 

- 

47 

Alt 

Nov 20 

33 

SL35t 

48 

6.6 

Nov 20 

5.7 

9A 

8.5 

2 . 6 * 

- 

as 

- 

7 

4 

- 

3.5 

- 

8 

1 

Jan 2 

1 

2 

2 

0.7 

- 

0.7 

- 

L9 

L 6 

Nov 30 

L3 

- 

2.6 

1 

Nov 20 

nil 

- 

nil 

038 

Nov 25 

- 

028 

- 

0.35 

Nov 20 

nil 

- 

037 

33 

m 

3-3 

3.3 

33 

3l5 

Nov 25 

335 

5 ’ 

435 

7.47 

• « 

6l57 

m 

1238 


[Dividends shown pence per share net except where otherwise 
(stated. -Equivalent after allowing for scrip Issue. tOn capital in- 


viewrou wj A 

quoted stock. 



■ 

u p in respect of 98.4 per eent of 
the shares on offer. 

GORDON RUSSELL has 
bought Isoplanjmanofactnrers 
of executive and systems furni- 
ture, in its first acquisition 
sinc e goin g public. 

QUEENS MOAT Hones: Over 
95.1 per cent of the shares on 
offer in the rights issue have 
been taken up and the remain- 
der have been sold in the mar - 
ket at a premium. 



PRELIMINARY RESULTS 

Resoles for year ended 30 June 1987 

£ 123.64m 


8.64p 


1986 
Restated 
£107. 93m 
£3.19 □) 
5 . 98 p 
4.8p 


Turnover 
Profit before tax 
Earnings per share 
Drodeods per share 

ftofiB and earning; per share increased 1 ^ 45 %. 

The prop osed dividend increase of 11% is the 18th year of successive 
in cr eases. 

| proposed^ amhorisal ca P* t *l ami a one for one scrip issue hi 

Mr Peter GaHtford commented; 

*The Group the confidence to plan far aggressive growth, both 
organically and by acquishioa*’ ^ 

end may ftp obtained from The Secretary: 

galuford plc 

WOLVEY HINCKLEY LEICESTERSHIRE 


< 


4 


1 


e 


i 









AH of these securities having been m M, riiig annmwpm<*nf 
appears as a matter of record only 


29th September 1982 


BLUE ARROW PLC 


ACQUISITION 

OF 

MANPOWER INC. 

AND 

RIGHTS ISSUE 
TO RAISE 



PHILLIPS &DREW 

ARE BROKERS TO BLUE ARROW 

AND HAVE 

SUCCESSFULLY PLACED AT A PREMIUM THE 
258 MILLION SHARES NOT TAKEN UP 
BY EXISTING SHAREHOLDERS 



We have been brokers to Blue Arrow since 1984, when they 
joined the USM with a market capitalisation of £3,100,000. 

It was the beginning of a remarkable success story. 

Phillips & Drew Corporate Finance 

PART OF THE UBS-PHILLIPS & DREW CAPITAL MARKETS GROUP 

For further information please contact 
Martin Gibbs or Oliver Pawle on 01-628 4444 

120 Moorgate, London EC2M 6XP 

A member of the Union Bank of Switzerland Group 


36 


I mica i'i iiiay October 2 1987 


UK COMPANY NEWS 




Ling creates new 
engineering group 


BY CLAY HARRIS 


MR PHILIP Ling, an innovative 
architect of management buy- 
outs and buy-ins, yesterday 
brought three of his creations 
together into one quoted engi- 
neering group with an esti- 
mated market capitalisation of 

about £80 m. 

In what Mr Ling described as 
a 'double reverse' takeover, two 
private companies, Haden and 
Haleworth Holdings, will be in- 
jected into the considerably 
smaller PAW AtncLeUan, owner 
of Spalding, the Lincoln-based 
agricultural products distribu- 
tor. Mr Ling, executive chair- 
man of MacLellan since May, 
will assume the same position 
at the new group, to be called 
Haden MacLellan Holdings. 

With share capital more than 
Five times the size of the exist- 
ing MacLellan, it will combine 
Haden. a US-managed maker of 
paint-finishing and materials- 
handling systems for the motor 
industry, with Haleworth, a di- 
versified engineering and dis- 
tribution group. MacLellan will 
become a division of Hale- 
worth. 


P & W MacLellan 

Share price (pence) 

200 


100 



120 


more than £22m for some of the 
Haden shareholders. HacLel-. 
Ian shareholders will be able to 
claw back the shares through an 
open offer launched yesterday 
by Schroders. 

The creation of Haden and 
Haleworth ma r ked milestones 
in the eventfbl career of Hr 
Ling , who became general man- 
ager of Johnson and Firth 
Brown, the Sheffield allays and 
engineering company, in the 
mid-1970s while still to his late 
20s. He left in 1082 to join Lon- 
don and Midland Industr ials, 
which had bought several JFB 
subsidiaries. 

Subsequently, as managing 
director of Haden, he led a suc- 
cessful management buy-out of 
the engineering company, 
which thwarted a £37m hostile 1 
bid from Trafalgar House in 
1985. 

He moved from there last year 
to mount an unusual, and un- 




Regi 
Health 
beats 

forecast 


»* gina Health & Beauty Prod- 
ucts, which came to the CSX 
via a placing last March, hag- 
beaten its pr o tan profit fore- 
cast fey £103^00 with fifOSAW 
for the year to the end of June 
1987, which represent s a 7S pm-, 
cent increase on file £231,900 
for the previous year. 

. Turnover was 84 pea 
at £L7m (£924,000) and the 
crating profit was £*§M 00 
(£Z47,00fX Met Interest payable 
feD sharply to £512 (£16,742). 
Tax charged was £142,441 


that the US motor industry - on successful, management buy-in 
which Haden depends for 80 for Simon Engineering which 
per cent of its business - was valued the procesj plant con- 
poised for a cyclical upturn- tractor at £200 ul to the mean- 
The all-share deal, which is tune, he and ex-LM coUeagues 


In April, Haleworth bought 
28L3 per cent of MacLellan to get 
Mr Ling's management foot in, 
thedoor. 

Ur ling will bold 3.7 per cent 
of the new company. His fellow 


"The Haden companies and subject to the approval of Ma- Jt®d established Hale 
the Haleworth companies are cLellan shareholders, values buy 18 engin eerin g companies 
very different/ Mr Ling said. Baden at £40m, not including a 0£of toem^formCTly^part ot 
There's no pretence of synergy deferred cash element of £16m, JAu . ? . W illia ms Holdings, 
between the two." In their most and Haleworth at £25m, com- th® industrial group, 
recent half years, the three pared with only CLSnv for Ma- 
companies achieved aggregate cLellan. 

pre-tax profits of £1.06m on Shares representing about 30 
sales of £59. 5m. per cent of the enlarged group 

Haden. by far the largest, lost have been provisionally placed 

£416.000 before tax on turnover by Barclays de Zoete Wedd at .. - . - „ „ . 

of £34.6m io the first half of this I50p (against MacLellan’s sus- executive directors, Mr Mel 
year. Mr Ling said, however, pension price of 176p) to raise Hfjley andMr Clive May head 

— - - of Haleworth and Mr Art Geiger 

of Haden, will own a total of 5B 
percent between them. All four 
men accepted shares for their 
entire holdings in the two com- 
panies being acquired by Ma- 
clellan. 

MacLellan yesterday report- 
ed interim pre-tax profits of 
£197,000 (£188,000) on turnover 
of £3.53m (£3. 14m) from contin- 
uing operations. The interim 
dividend is unchanged at 0.7p. 

Haleworth, meanwhile, 
achieved a pre-tax profit of 
.C1.28m on sales of £2L4m in the 
six months to May 31. 


BOARD MEETINGS 


Vm fatowM oomoartes have notAad Ottos tA ’ Gramp ia n l-tofc flnu a .. 
bom meodrgs to (he Sock Exchange 5ucn Hvitsons&Cromftd 


meatmen are Wdlorihopirpoaoofeon- 
GidmM dmtcfencis. Official McaDcre are no I 
avattaibfe as kj amber tho dlvdenos are tntevtne 
or finals and lha sulHMions shown beta are 
besets mainly on lost year** imUbta. 

TODAY 

keerftm- James Crean. Gresham House. W 
bmesimoni Tiusi ol Jeraev. 

Rnafe- Adweau Ctopau Gold Mines. Munay 
Vertures. Si hrea. Save & Prosper Stoffeip De- 
poaa Fund. Utter TeMsbm. 

FUTURE OATES 


HopHraons HoUnge — 
London & Manchester f 

PKfl. Group. 

QuenoGrovlnc 


Rood (Austbi) 

Spiral -Sarto Eng 

Tyzock Tuner — 


Oct 7 
oa i4 
Oct 30 
Od 6 
Oct 5 
Oct 6 
Od 8 
Oct 14 
Ocv S 


Aftmcpon Soc ud h QQ 

Ava Europe _ — — 


Oct 9 
Oa 14 


Adwett 

Rupees Group 
Ednuglh hw Tniai 
nonianoni 
Savage 




Oct 2 
Nov 2 
Oct 10 
OU27 
Oct 6. 



Rustenburg Platinum Holdings 

Limited 

rRPH”) 

Registration No. 05/22452/06 

Lebowa Platinum Mines Limited 

rLEBOWA PLATS 1 ") 

Formerly Alok Platinum Mines i Proprietary) Limited 
Registration No. 61/06I4M6 

(Both companies incorporated in the Republic of South Africa) 

Proposed rights offer of shares in Lebowa Plats to Us 
members and a renunciation by RPH to members of RPH, 
Lebowa Development Corporation Limited CLDC*) and 

Nationals of Lebowa 

It was announced on 28 July 1987 and 10 September 1987 »h»r an 
agreement had been finalised in terms of which Lebowa Plats would 
investigate the establishment of a new mining operation on the farm 
Maanaagshoek. expand the mining operations at the Atok mine and seek 
a listing on The Johannesburg Stack Exchange ('‘JSE"). In terms of the 
agreement RPH has transferred 7.5% of the existing equity in Lebowa 
mis to the LDC in consideration for certain contributions and 
obligations. The existing shares have been convened to another class of 
shares that does not share in the future profits of the company, but this 
class of shares entitles the holders to participate in the undermentioned 
rights offer. 

In order to finance the expansion of Atok's mining operations, Lebowa 
Plats will make a rights issue of S6 1 57 796 ordinary shares of 1 cent each 
to RPH (92.5%) and the LDC (7.5% I. RPH will renounce its fuD 
entitlement to subscribe (or shares (92.5% of the total issue) as follows: 

(a) to RPH members. bS 92b 237 ordinary shares (80% of the total issue) 
by way of a renounceable letter of alfounent oa the basts of 55 shares 
for even 100 shares held in RPH: 

(b) to the LDC. 4 307 SS9 ordinary shares (5% of the total issue): and 
(ci to Njtioiuls of Lebowa. Lebowa National Education Trust and 

Lebowa Training Trust b 461 835 ordinary shares (in aggregate, 
of the tout issue t. 


7.5% 


The total amount payable by the renouncees is 275 cents per share. Of this 
amount. 130 cents ls payable to Lebowa Plats in terms of the rights issue 
and 145 cents to RPH.' 

It is the intention or RPH to declare a special dividend of 90 cents per 
share which represents a major portion of the proceeds to RPH. 

1. Renunciation to RPH members 

I . I The register of RPH will be dosed from the dose of business on 
Fridas 16 October 19S7 to the close of business on Friday 23 
October 1987 for the purpose of determining those share holders 
of RPH entitled to participate in the rights offer and the special 
dividend. 

Accordingly, the last day to register in order to participate in the 
rights offer and special dividend by RPH will be Friday 16 
October 19S7. 

1.2 The renunciation of RPH's cm dement to its rights in Lebowa 
Plats is expected to have onlv a minimal effect on ibe earnings 
and net asset value per RPH share. 

1.3 There will be no allocation of fractions of Lebowa Plats* 
ordinary shares arising as a result of the rights offer ratio. 
Fractions arising will be consolidated and sold for the 
benefit of Lebowa Plats. Where the net proceeds of any 
fractions of ordinary shares pertaining to any RPH 
shareholder are sold and amount to R5 or more, such n 
proceeds *iU be paid to the RPH shareholders concerned. 

2. Renunciation to Nationals of Lebowa, Lebowa National FAn-Hnw 
Trust and Lebowa Training Trust. 

Eligible applicants will be invited to subscribe for 6 461 835 ordinary 
shares m Lebowa Plats at a price of 275 cents per ordinary share. 

2. 1 eligible applicants 

Applications will only he invited from the following; 

2.1.1 a National of Lebowa. who shall be a person in possession 
of a certificate issued by the Lebowa Government, 
certifying (hat hc/shc is a Lebowa National, or a person in 
possession of a certificate of registration indicating that be/ 
she is a Lebowa voter, or a person in possession of any 
identity document which indicates that h c/she is a Lebowa. 
National: 

2.1.2 a company or close corporation which is controlled by. 
Lebowa Nationals or is dc facto controlled by Lebowa. 
Nationals and in either case is approved of in writing by the 
Lebowa Government and registered within the National 

State of Lebowa: 

2.1.3 such other persons who can establish they are Nationals of 
Lebowa to the satisfaction of ihc LDC. 

2.2 evidence of eligibility 

Applicants will be required to provide proof of eligibility. 

The above transactions will all be conditional, utter alia, upon the 
granting by the JSE for a listing of the renounceable (nil paid) 
letters of allocation to be renounced m favour of RPH- 
shareholders and of a listing for the entire issued ordinary share 
capital of Lebowa Plats. 

Additional announcements will be published on or about 9 October 
1947 givmg details of important dates relevant to both the public 
offer and the offer to RPH shareholders. 

Johannesburg 
I October I&7 


City and Foreign 

City and Foreign Holdings 
lifted pre-tax profits from 
£1534)00 to £460,000 in the first 
half of 1987, with earnings per 
25p shar e up from 2.41p to 4.9p. 
In line with the forecast made 
at the time of the T-ingwarama 
acquisition, there is a single 
dividend of2.92p (lpX 
Results include Lingnarama, 
acquired in February, 1987, but 
not the BAS Group which was 
acquired in July. 


2p share rf L8#p (lpX 
The dividend is I 


M 84* 


Stein, 

and managing director, said 
increased profits and earnings 

E share had been achieved by 
continued growth of Regi- 
na's domestic and overseas 
business coupled wife a br o ad 
eating of existing Royal jelly 
Health and Scanty products. 
This had been supported by 
highly-targeted promotional 
and direct mail campaigns. 

She added feat Regina prod- 
ucts had recently been 


Hugo Dixon and David Lascelles on the revival of Henry Ansbacher 

The rewards of patience 


FOR A BANK which only two 
years ago was tottering on the 
brink of oblivion, Henry Am - 
hacker has made a remarkable 
comeback. The £7Dm rights is- 
sue announced yesterday will 
more than double its net assets 
and raise it into a league Is 
whieh its ambitious manage- 
ment and lone-suffering share- 
holders may filially see it mak- 
ing Its mark. 

The accompanying announce- 
ment of changes to fee board of 
its merchant bank subsidiary 
should help put behind it the 
had m em ories of last year's 

Guinness affair. 

Mr Mark Phythian-Adama has 
joined the board from Samuel 
Montagu as managing director 
for corporate finance, filling 
the position vacated by Lord 
Patrick Spens, who had to 
ff fig n over fee Guinness affair. 



Richard Feuhslls, 


of 

udstm, chief 


Swiss-Belgian industrial and fi- 
nancial services group headed 
fay Mr Albert Frere which in- 


Mr John Gregory has been vested £35m in Ansbacher and 
promoted to managi n g director took *75 per cent interest at fee 
for b anking , replacing Mr Harry height of fee crisis. Since then. 


Pargesa group to channel fresh 

Sasson who resigned earlier GBL/Pareeoa has reduced its resources into Ansbacher is 
‘ _J ' — - m jj to be an indication of the 


This was not considered snffi- 
cicnt . even to service the bank's 
present clientele of small to me- 
■C^isV: Sinm-sixed companies, ft was 
not nearly enough to satisfy the 
hank’s ambitions , of widening 
its client base. 

The extra capital will also 
mean Ansbacher's corporate fi- 
nance team can take part in lar- 

f B r underwritings and nave a 
igeer market presence. It 
womd engage in a 'different 
JJrt of business than that wife 
which Ansbacher was previous- 
ly associated,' said Mr David 
Hudson, who joined the bank as 
chief executive three months 

the insurance broking 
side, Ansbacher’s eventual plan 
is to build up an international 
Insurance broking group. This 
roll consist of Seascope, its 
on Ansbacher's headquarters in London wholesale operation, as 
the City »"«* the rest will be the central "hub’ with retail out- 
used to expand the group's in- lets in the US and Europe feed- 
surance broking subsidiary. ing it business. 

The willingness of the GEU Ansbacher owns 50 



Ansbacher, and David 


lunched In Belgium. 

L Finland, 


Switzerland, Finland, Hoag 
Hong and Singapore. Distribu- 
tion would be emended to West 
Germany, Italy, 
pins, Australia 
and. This was in addition to 
France and the United States 


Norway, Cy- 
■d New Zeal- 


campaigns wore meeting wife 


ARC advances 

aiMT, part of fee Gold Fields 
Group, increased Its operating 


fee year to end-jnne on fee 


Profits from UK Aggregates 
hit a record £51m as a result of 
improved margins, partly 
stemming from increased do- 


US profits rase to HUn. 


Hughes Food buy 

Hughes Food Group, is buying C. 
Anderson, fish processor, for a 
maximum £4. 5m, satisfied by 
shares and cash. Anderson 1 
made profits of £396,000 on turnrj 
.over of £ 7.1 m in the year to the! 
■end of October 198& Net assets 
at that date were £997 ,OOOl 


Murray fleet 

Hurray Electronics, Invest- 
ment trust, upped Its net asset 
value per share from 8L9Rp to 
87.72p at the end of fee year to 
July 81 1987. The proposed div- 
idend for fee year is a- 
chanced fit &2p» 

The chairman ascribed fee 
Increase to an overall improve- 
ment to the performance of fee 
unlisted portfolio where most 
companies - had shown a 
healthy growth in sales , wife 
several companies moving 
from lo s ses to profits daring 
the period. 


this year. And two newnonHex- stake to 51 per cent by bringing 
ecutive directors - Mr Frederick ^ other shareholders such as 
> former associate direc- ganque Internationale a Lux- 
tor of fee Federal Reserve m embonrg, an associate of GBL, 
Washington, and Mr Robert md Wa aa fritenrest of Kuwait 

Hodes, co-chairman of Wilkie . . . . . 

Farrand Gallagher, a New York These major shareholders, 
law firm - are designed to add accounting for 73 per cent of the 
further weight to fee board- equi£. h ave ag reed to stainpup 

'Henrv Ansbacher needs to be for the rights issue which will 
much larger,' said Mr Richard raise Ansbacher's net worth 
Penhalls. fee chief executive from £55m to £ 1 2 5m . Mr Robert 
whotook over in 1985 after the Maxwell, a client of foe bank 
hank was hit by losses from an who recently increased his 
ill-judged acquisition of a Wall stake to 9.9 per cent is also said 
StreeUnverimentbank. 'We can to be supportive of toe issue, 
now move onto fee next phase" About £40m will be used to 

rwea w ry in large- boost the capital of the mer- 
chant banking subsidiary to 
£72m, £7m will go to repay debt 


]y due to fee patience of Gronoe 
Bruxelles Lambert/Fargesa, foe 


r cent of Adams 4 Porter, a 
W S retail broker. Other retail 

importance it attaches to it a s MqnMtkn *op- 

to foothold tafeeCltyMTket. arise Mr Fenhalls 

s* sgg-4 isns 

all round the world, including tions are needed. 

Drexel Burnham Lambert There are also plans to ex- 

The new capital will enable panri into investment manage- 
Ansbacher to move up into fee ment, though Ansbacher is not 
low-to-middle range of mer- yet prepared to divulge precise- 
chant banks, and should enable |y how it is going to do this. 

it to shoulder much larger indivh. 

under fee Bank of En- What the rebirth of Anstwch- 

gland's rules, it is unable to er appears to show is that it 
■ Sndmorefean 10 per cent of its pays to bare a sugardadfe m 
capital to any single institution merchant ba nting. Tn» is so 

- meaning it has been restricted long a ®J 3™“ Wlth * 1 ™’ 

to lending just over as Ansbacher seems to. 


British Racing rises 


Jacques Vert advances 
profits to £1.6m halfway 

Jacques Vert, USM-quoted opening of three new shops be- 
ladies fashi on wear designer .fore Christmas, 
and manufacturer, raised its He added that was the inten- 
fixst half profits from am to tion of fee directors to capital- 
m aha pre-tax on fee back of a toe on the considerable poten- 
£ 4 m increase in turnover to tial d emand for the co mpan y's 
£L0L77hL products by investing in new 

f!«n>iiipi per lOp share rose plant, people and brand adver- 
by 37.4 per cent to 10^p but due tiring. T 

to current investments being They expected particular de- 
nude within the group the di- mand 'from North America and 
rectors have decided against Europe where they said sales 
fee pimnmxt of an iuterimdM- were increasing dramatically, 
(lend. It was pointed out that be- 

Substantial increases in sales cause the company had suc- 
were achi eved in export and ceeded in bringing its Antumn 
home markets (respertively delivery season forward tho im- 
they advanced by 126 per cent balance between fee two halves 
and 45 per cent) while retail of the year would not be so pro- 
sales showed an improvement Pounc ed as in the pari. - 1 

of 114 percent Mr Cynamon said fee cotnpa- 

Mr Jack CvnamorL chairman, uy’scapitalbudgetthisyearex- 
srid farther S«nrion in reteU ceeded Om, all of which would 
sales would be achieved via the be flmded from rash flow. In- 

wa« being made m: 


Doeflex rises 33% 


Doeflex, the plastics products The directors said that as a 
(company which received a full result of expansion, fee compa- 
; listing earlier this year, in- W bad experienced increased 
creased pre-tax profits by 33 costs and some d islocation . De- 
per cent from £478,000 to spite this, 1987 is expected to be 
£637.000 for the half-year to another very satisfactory year. 
June 30 1987. Demand in most areas was 

Turnover rose by 67 per cent strong, so that the current in- 
to £HX05m (£6L03m) and the di- vestments should ensure a use- 
rectors declared an interim div- fill improvement in fee level of 
id end of L15p (nil) - the compa- activity from 1988 onwards, 
ny forecast dividends totalling There had been particularly 
i& 45 p when the shares were strong growth in the PVC com- 
i placed. After tax of £223,000 pounding division and this was 
(£1731)00), earning s per lOp expected to continue. The new 
I share were increased to 4£8p polymer distribution division 
j ( 3 ^ 37 p). bad made a satisfactory start. 


being 

jacket production via the leas- 
ing of a manufacturing site in 


Dalgety in £lm deal 

Dalgety, international mer- 
chant, is buying Continental 
Savouries, maker of chilled and 
frozen pizzas and pasta, for a to- 
tal consideration of about £lm. 

Mr Maurice Warren, Dalgetyf 
managing director, said fee 
"market is fast growing and now 
worth over £125m a year as 
more and more people enjoy 
eating Italian foods at home We 
want a part of this growth". 

Continental Savouries had a 
turnover of £L7m in the year to 
March 31, 1987. It will become 
part of St Ives Food Products. 
Dalgety’s recipe meal and 
meat-processing company. 


in terim pre-tax profits of Brit- and interest received amounted 
ish Thoroughbred Racing and to OfiBS (£9.839 y, there was no 
Breeding rele&scd yesterday profit on sale of investments 
show an advance from £59,780 to this time. Mr Henry _ Kelly, 
£160,466 in fee six months and- chairman, said that fee compa- 
ed June 30. ay's horses were running better 

The operating profit for the than ever and prospects for 1968 
j period was 057,397 (£36,402) were equally encouraging. 


TR Energy losses up 


TR Energy 
losses for th 
up 


reported 

e year ended June 
from £363.000 to' 


30. 1987 
£894.000. 

Loss per 25p share was 2J)p 
(l-8p). 


Wentworth up 19.5% 

A 19.5 per cent rise in pre-tax (3.79p) and the dividend Is heldfj 
profit was achieved in fee year at L75p. 

ended April 4 1987 by Wen- The directors said some of the 

twerth International Group, investments were enabling the 
maker of polythene film and company to enter new areas. Ef- 
bags. forts being made to search out 

From turnover up 4-5 per cent companies which would make a 
fee profit advanced to £270,000( good fit with existing 
£2%000)- Earnings were 48p operations. 


Control Techniques 

Control Techniques is acquiring 
55 per cent of Euro-Controls for 
an initial consideration of 
116JiQ5 ordinary shares. A total 


of 20.000 shares is being 
tained fay the vendors and bro- 
kers Rowe & Pitman are placing 
96,505 shares at 260p each. 

Further consideration up to a 
fuaxunum of £1.23m may be pay- 
able in new shares in three an- 
nual instalments, the amount of 
which will be dependent upon 

G e-tax profits of Euro-Controls 
each of the three years end- 
ing September 30 1SQ0. 


Triple vest assets rise 

Diplmst, a split capital invest- &5Q6p to 7.471p , which repre- 
ment trust, raised its net asset seats a foil distribution of earn- 
value per £1 capital share to buss. 

£20.09 at eud-Augnst compared Gross income was £2.74m 
with £17.18 a year earlier. The (£2 5m) and net revenue £L79m 
interim dividend on the 50p in- ( £L 58m) after tax of SlllfiOO 
come shares is increased from (£887,000). 


Gt Southern buy 

Great Southern Group has ac- 
quired three foneral busi- 
nesses. The latest acquisitions 
comprise H. Bishop ft Son of 
Chard, Somerset; Halcrow & 
Sons of Andover; and Dowsett & 
Jenkins of South London. 

The consideration comprises 
■ £820,000 plus loan repayment 
\ not exceeding £165,000. 


NORTHERN 

IRELAND 


The Financial Times proposes to publish a Survey 

on the above on 

Thursday, December 3, 1987 

Far a fuU editorial synopsis and details cf available 
advertisement positions, please contact : 

BRIAN HERON 
on 061-834 9381 

er write to him ah 
Alexandra B uilding ^ Queen Street 
Manchester M2 5LF 
Telex: 660813 

FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


"N 


Professional 


Computer 


L 


London 

27&2S October 
1987 


FI 



whh /our tusmoss card, toe 

Financial Times 

Conference 

Organisation 

Mnsur House, AfOvSlmaL 
London BOB BAX. 
Aflernaftwfe 
telephone 01-B21 1355 
latex 27347 FTCONFG 
la* Cl- 623 8814 



OTTOMAN BANK 

(■Incorporated m Turkey with Limited Liability) 

INTERIM STATEMENT 

The profit after tax attributable to 
shareholders for the six months ending 30 
June 1987 is: 

£9,678,731 (30 June 1986 £7,592,426). 
This is equivalent to earnings per share of 
£19.36 (£15.18). The results have been 
prepared in accordance with the Group’s 
accounting policies but have not been 
audited. In accordance with the Bank’s 
practice no interim dividend is proposed. 

The Group’s results, both inside and outside 
Turkey, showed a satisfactory increase 
compared with the same period last year. A 
large part of the profit outside Turkey is 
attributable to investment and exchange 
operations. The volatility in these markets 
is such that there can be no certainty that 
the improvement will be repeated in the 
second half-year. In the absence of 
unforeseen circumstances, the profit for the 

fill! year is expected to exceed that of last 
year. 

1 October 1987 


HOLIDAY AND TRAVEL ADVERTISING 

to paMshed on 

Wednesday and Saturday 

for details of Advertising 
Rates contact 

VenaMtt, Financial Timas, Bracken 
10 Cannon St, London, £04F 4BY. 
Telephone: 01-248 8000. ExL 3231. 


APPOINTMENTS ADVERTISING 

£43 per Singh column centimetre 
Premium positions will be charged 
£52 per single column centimetre 

For further information call 
01-248 8000 
Tessa Taylor ext 3351 
Deafer Venables ext 4177 
Paid MararigSa ext 4676 
EHabdh Rowan ext 3456 


U.S. $10,000,000 

THE CHUO TRUST 
& BANKING CO., LTD. 


LONDON BRANCH 


Callable Ni 
Certificate of 



floating Rate Dollar 
Due November, 1988 


** % With^ Clause 3 of fee 

Certificates, fee Issuer wffl exercise the Cal] Option and 

I fee outstendcig Certificates at their principal 
9ft November, 1987 when interest on fee Certit 


redeem all 
amount oa 
cates wfll cease to accrue. 

Repayment of 


made upon 

Issuer oo 9ft November. 1387. TOiofflcesotthe 


IBJ International Umitaj 
Agent Bank 1 










37 


financial Times' Friday October 2 1987 

. . UK COMPAN Y NEWS 

^ " ■ ■ • ‘ % ■ * _ 

Sound Diffusion chief 
may be forced to quit 


BY PH8JP COQQAN 

Mr PAUL STONOR, chairman 
Mdna n agi n g director of Seaad 
the electrical equip- 
ment leasing group, could be 
forced to quit after the company 
produced its audited figures for 
1988 - 43 per cent lower than the 
unaudited figures which it un- 
veiled in June. 

Mr Bob Seabrook, deputy 
chairman of Throgmorton Trust, 
which has a stake of around 8L5 
per cent in the Brighton-based 

group, said: '■Although we have 
not aligned ourselves with the 
dissident group of sharehold- 
ers, given all the uncertainty 
surrounding the company, we 
feel that the chairman has little 
option 


And Mr Stonor himself In a 
statement a«»^f wp»nyin g the 
figures said that "If sharehold- 
ers' reactions to the results are 
clearly unfavourable and, as a 
direct consequence, the quoted 
price of Sound Diffusion's 
shares suffers a sustained and 
m a t erial fail in value, I consid- 
er it will be my professional du- 
ty to retire from my position." 

Yesterday, the shares ended 
just 3p lower at 53p as disap- 
pointment at the figures was 
countered by continuing take- 


tors, Ernst & Whinney, over the 
amount of profit on the group's 
leasing activities which should 
be recognised for the year. 

The figures were due to be an- 
nounced in June, but after an 
initial statement blaming 
"anomalies in computer pro- 
grammes”, the extent of the 
group’s disagreement with the 
auditors soon became apparent 

Eventually, the groap an- 
nounced that, on the basis of its 
own assumptions, the • pre-tax 
profits for the year were £9,98x3 
meeting the forecast of "around 
£K)m” made by Mr Stonor. 

However, -yesterday’s audited 
profits were only tSJfftm and 
that was after a change in ac- 
counting policy which caused a 
positive £2m benefit The profit 
figure was thus lower than 
lass's £&8m. which itself fell 
short of Mr Stonor** £7.4m fere- 


have required an additional 
£4m to be set aside for release 
in fature years. We remain con- 
vinced that this gives a dispro- 
portionately high benefit to Ar- 
turo shareholders at the 
expense of today’s^. 

In the wake of the dispute, the 
company has asked Ernst & 
Whinney not to stand for re- 
election as auditors and is pro- 
posing that Arthur Young be ap- 
pointed when the annual gener- 
al meeting Is held on October 
29. Arthur Young has not given 
any indication whether it ac- 
cepts the -company’s views on 
accounting policies. 

The company also hopes to 
announce a new stockbroker at 
the agm - its previous broker, 
Sheppards A Chase, resigned In 
June. 


WCRSin 

$10m 
New York 
purchase 


i 


WCKS, the rapidly expand- 
ing advertising agency and 
communications group, is ex- 
pected to announce today its 
acquisition of Corporate 
Graphics, a New York design 
firm specialising in the pre- 
daetion of annual reports. 

The move is part of a strategy 
by WCKS to develop its Invca- 
tor relations business. Corpo- 
rate Graphics, a partnership 
with offices in New York and 
Los Angeles, is regarded as 
one of the premier American 
companies in Its field. 

Tbe value of the deal is un- 
derstood to be over tlta 
(N-lTn) in total, with an ele- 
ment of (he payment related to 
Corporate Graphic’s oamiwgf 


The announcement of the 
1986 results- follows several 
months of disagreement be- 
tween the company and its audi- 


were also down on USys &99p. 

In his statement yesterday, Mr 
Stonor, who has sought inde- 
pendent advice in dogged de- 
fence of his position, remained 
defiant The disagreement with 
the auditors, he said "does not 
alter in any way the long term 
overall release of profit and 
cash from ' the new business 
completed in 1986. 

"The argument has not .been 
about trading, but about report- 
ing;' he added. "The auditors 


seem certain to add fuel to the 
criticism of the group of dissi- 
dent shareholders which has 
been pressing for some time for 
the removal of Mr Stonor, either 
via his replacement by some 
outside figure like Mr Tony 
Cole, of Bestwood, or via a take- 
over by another company. 

But nothing has yet come of 
any of the rumours circulating 
in the market including a possi- 
ble management buy-out, and 
Hr Stonor once again denied 
yesterday that the company had 
received any takeover ap- 
proaches. 


As usual with WCKS acquisi- 
tions, the acquired t ***"p g yy 
will run its own business al- 
though WCKS Is expected to 
exert financial controls. The 
two firms are regarded as a 
god fit , with few overlapping 


Empire profits down to £0. lm 


PRE-TAX profits of Empire 
Stores (Bradford), mail order 
company, for the 28 weeks to 
August 15 "are rather lower 
than anticipated” at just £1094)00 
compared with €2. 53m for the 28 
weeks to August 9 1986. ■ 

The board had warned that 
the current half year would 
bear some heavy promotional 
and development expenditure 
and inevitably profits in the 
first half would be depressed. 
But other factors combined to 
bit sales and margins. 

Turnover increased by 2 JS per 
cent from aaaw to £87Jftn 
against planned growth of 8 per 
cent The directors said that the 
specialogues were especially 
disappointing and Oh-One-Oh! 
and Elements have been ter* 
moinated.T1ie poor weather al- 
so had an major impact upon 
sales performance and sales 
promotion activities were not as 
effective as they should have 
been . As a consequence, prices 
were reduced more extensively 
than usual to dear stocks in 
season and the resulting mar- 


prepara tionfor the high* 
levels expected in the second 
half of the year. 

A new managing director, Mi- 
chael Harris, joined on June 1 
and has already started to take 
active steps to strengthen the 


marketing and promotional ac- 
tivities of the company. There is 
confidence that the action be Is 
currently taking will lead to lev- 
els' of profit in excess if those 
achieved last year Jn the second 
half of 1986/87 profits were 
£5.19m before exceptional 
items, and £7.72m for the full 




Overheads, 
costs, and marketing expenses 
increased significantly over the 
previous year (although being 
held below budgeted levels) in 


Confidence is reflected In the 
decision to raise the interim 
payment from lip to LGSp de- 
spite being short earned, by 
some £570,000. Earnings per 
share were Q.I8p (4.19pX 

Operating profit for the peri- 
od was £559,000 (£2. 92m) and in- 
terest charges amounted to 
£450,000 (£3854)00) with tax tak- 
ing £40,000 (£962,000). 


■comment 


worse than either tbe company 
or the City expected. The weath- 


er caught everyone in the indus- 
try out but the shops could at 
least plaster their windows with 
sale posters, a high visibility op- 
tion not available to mail order 
operations. In addition, sales 
promotion, never an Empire 
strength, disappointed; 
change in the way VAT on free 
gifts is calculated added 
£200,000 to costs; and the 
cialist catalogues, or 
cues, launched last year were, 
frankly, a disaster. They made a 
£500,000 loss on sales of just film 
and, not surprisingly, two of the 
three have been ditched. Em- 
pire has always been number 
three after Grattan and Free- 
mans but it’s trailing farther be- 
hind with these figures. Sal e s 
growth of just £3 per cent - 
against a planned 8 per eent, it- 
self not an inspiring target - 
looks limp compared with Grat- 
tan’s just under 20 per cent and 
Freemans 16.6 per cent All 
hope now is on Michael Harris, 
the new managing director. Af- 
ter dropping 32p to 208p early 
on, the Harris factor brought 
the 'pries' hack to 234p, just Ip 
down^qn the day. Assuming 
pre-t& profits-finr the -year of 
about £8m, that puts them on a 
prospective pie of 17, a bit ex- 


Cerperate Graphics, which 
. as intending to open an office 
in the near fature in London, 
is understood also to have been 
t alkin g to another potential 
suitor in the UK - a design firm 
with a strong business in the 
increasingly sophisticated 
market in producing annual 
reports. However, there seems 
to have been no question of an 
auction over the company. 

Corporate Graphics has pro- 
duced reports over a number of 
years for such US companies 
as Heinz, Unisys and Northrop. 
It also designed the 1986 re- 
port far Thom EML 

London Sec 


a I BY MARTIN DICKSON 


Securities yesterday 
announced that it had decided 
not to go ahead with its pro- 
posed bid for tbe Estates Prop- 
erty Investment Company, fol- 
lowing a ruling by the 
Takeover Panel 
London Securities had been 
r l "™f an all-share offer on 
the basis of three of its shires 
far every one in EPIC, 


However, London Securities 
bought some EPIC shares at 
3Mp when an offer was In con- 
templation” o*»d ft* Panel in- 
sisted that any general offer 
should be made at the same 
price. But Lond on decided that 
a hid at this price would net Im 
in the interests of its share- 
holders. 

Loudon Securities holds a 


shares of which closed last 
night at 249p, down lpu 
Mr Dennis Poole, mwagfag 
director of EPIC, said the 
board’s view ever since the an- 


Rivlin 
at £ 2 . 18 m 

livUn, the USM-qnoted proper- 
y group which acquired May- 
air and City Properties in July, 
•reduced pre-tax profits of 
2.18m for the six months to 
uue 30. 


The figures included the 
Jts of CMD Property Group 
hich was acq uired in May, and 
impure with £797,000 for the 
revious eight months. 

Mr Louis Freedman, chair- 
an said the company’s confi- 
mce and optimism was con- 
fined by its declaration of an 
terim dividend of 0J35p, 
jainst nil in 1966. 


Galliford jumps to £4. 6m 


Galliford, industr ial bolding 
company, lifted taxable profits 
from a restated figure of £3. 2m 
to £4.63m largely as a result of 
an increase in margins from 
195 per cent to 3.75 per cent in 
the year to June 30 1987. Turn- 
over rose from £10798m to 


acquisition. He said that a one- 
for-one scrip issue was pro- 
posed, together with an in- 
crease In authorised capital 1 


ties’ intention to bid was that 
the offer could not be in share- 
holders* interests. He was 
pleased that the long period of 


The directors proposed a fi- 
nal payment np from 3.8p at 
Alp. making a total for the year 
of 5i35p (4BpX After tax of 
£L82m (£1.22m), earnings per5p 
ordinary share moved up from 
5J)8p to 8.64p. 

Mr Peter Galliford, chairman, 
said that the group had confi- 
dence to plan for aggressive 
growth, both organically and by 


The reshaping of the group 
over the past year or so had re- 
duced its dependence on the 
public sector and competitive 
contracting, with the range of 
activities it now offered en- 
abling it to take fall advantage 
of tiie improved climate in the 
construction market 
Extraordinary items of 
£872,000 (£729,000) consisted of 
closure costs and terminal 
losses from William Browning 
(Rugby) and Gallifard’s proper- 
ty development companies. 


Wade shares soar 

Shares In Wade Potteries, por- 
celain manufeeturer, soared 
yesterday when it announced 
that it had received an unsoli- 
cited ap pro ach which involved 
a possible offer. 

However, the hoard said it 
felt it would not be in share- 
holders’ interests to pursue 
the matter at present and the 
other party had been i nf orm e d 
of tills. Wade’s shares closed at 


7Ns ik neither an offer to exchange or sett nor a soHc&ation of an offer to exchange or buy any security The 

Excharm Otter is nrnde only by the Ottering Clrvular dated August 1,1987, and the rotated Letter ct 

Transmittal, and the Exchange Otter is not being made to. nor udf tenders be accepted from, 
holders of these securities In any jurisdiction in which the making or acceptance thereat 
would not be fn compffence with the securities lews of such /urtsdSction. 

Ward Foods Overseas Capital 

Corporation N.V. 


North Sea Assets 

North Sea Assets announced 
yester day that It had reached 
agreement in principle with 
the bankers, guarantors and 
tenon of its subsidiary, Brit- 
ish Underwater Engineering; 


- North Sea Assets announced 
in August that ft could no ten- 

gar provide necessary support 

to the com n a n v, which is one of 

diving 



and 

U.S. $675 Principal Amount 

of its 

Non-biterest Bearbig Senior Subordinated Notes due 1994 

lor each 

U.S. $1,000 Principal Amount 

of Hs 

5%% Subordinated Guaranteed Debentures due 1988 

Fbotb Oversees Capital Corporation N.V, a Nefa ertand s Antitea corporation ("Finance*), is offering (the 
lanae Offer") to exchange U.S. S325 cash and U.S. 5875 prindpd amount of its norvinterest bearing Senior 
rctinaied Notes due 1994 ("Notes") lor each U.S. 81,000 principal amount of Hs 5V*% Subordinated Guaranteed 
mures due 1986 (“Debentures"). The Notes wffl be guaranteed on a subonfinated bests by lbrson holdngs. Lid. 
lings') and The Tereon Company toe, lormerty naned Wand Foods, toe. pbreon"). 

e Exchange Offer wffl expire at 6:00 PJfc, London, Engtand tone, on October 30, 1987, units* extended. 

, Exchange Offer is subject to a number of conditio ns , inchring the condition, unless otherwise waived or 
ted. that at toast 80% in aggregate pitodpal amount of Ihe Debentures shaH be tendered in the Exchange Offer and 

Hhrkavm.NotwtthstewHngatefareaping.ftianoe ha s tesarved the ritfdtoexdiange cash and Notes tor tendered 

ntures upon its receipt of tenders of such lesser parentage as Rnanea, Teraon or HoUngs may determine and 
miBnewfriMvitiniie the Exchanoe Offer tor untendsred Debentures. 


As part of the new scheme. 
North Sea has agreed in princi- 
ple to inject new equity into 
BUE and forgi ve loans. The 
lender* to BUS have agreed in 
prin ciple to n substantial 
write-down of bank and lease 
debts. 


suspended pesding completion 
•f the financing, which the 
company said was designed to 
"ensure that sufficient re- 
sources are made available to 

BUE to enable U to take fall 
advantage of the expected up- 
turn in the market for ofiEshore 


ter products." 



TT» Chase Manhattan Bank, ILA. (London Branch) 
Corporate Ihtst Dcputniftot 
Wootaal* Houae* CoJeman Street 
LoodonEC2P 2HD, England 
•Mecopy: (VI) 726 3481 , 

Ihe Exchange Agent 


Eagle Trust boost 

Eagle Treat, which \ 

formed this year through the 
merger of Audiotronk Hold- 
ings, Mitchell Somers and Mid- 
land City Partnership, nude 
pre-tax profits of £L3Sm In the 
first six months of this year 
aad la paying a tap a share 
dividend. Anfiotronlc mA a 
pre-tax tees ef £149,880 in the 
sa m e p e ri o d of last year and 
paid no dividend. 

It is jwtonflfd flat flat 2 fl- 
nal dividend ef USp a share 


Dated: October 2, 1987 


runt) has acquired House oi 
Carmen, a distributor of home 
careand houseware prod-J 
octs/or £845,000. 


7I» nmuuuKemvHt upfvnrsteii mtMvr tifnxwl tally. 



Co-operative Insurance 
Society Limited 

,000,000 

Multiple Option Facility 



Arranger arid Agent 
S. G. Warburg & Co. Ltd. 


Lead Managers 

Credit Lyonnais Deutsche B ank Aktiengesellschaft 

London Branch 

The Mitsui Bank, Limited 


Managers 


Istituto Bancario San Paolo di Torino 

London Branch 

The Sumitomo Bank, Limited 
Westdeutsche Landesbank Girozentrale 


The Mitsubishi Bank, limited 

■ 

The Tokai Bank, Limited 


Participants 

■ 

Banque Nation ale de Paris Barclays Bank PLC 

London Branch 

The Saitama Bank, Ltd. The Taiyo Kobe Bank, Limited 


Additional Tender Panel Members 


Banca Commercial Italians, Loodou Branch 
Banca Naziooale del Lavoro, London Branch 

Banque Paribas (London) 
Citibank, N A. 
The Industrial Bankofjapan, Limited 

u 

Nomura International Finance pic 
Samuel Montagu & Co. Limited 
SlF-E. Bank Limited 


Banco di Roma, London Branch 

Banco di Santo Spirito, London Branch 

OC— Union Europdenne, International et Cie. 

London Branch 

Credit Suisse 

Morgan Guaranty Trust Company of New York 
N M Rothschild & Sons Limited, Manchester Office 
The Sanwa Bank, limited 
TSB England & Wales pic 


S. G . Warburg & Ca Ltd. 


October 1987 



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t; London BC^ and receive a free synopsis of tbe 
'■ hfi&CAPKAL System Cori^ansouPPrtfolioL. 


\ rush In you an Invitation' 



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18-20 Appold Street, London EC2A ZAA 


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38 


Financial Times 


October 2 1987 


THE PROPERTY MARKET 


New quality 



of Mersey 


LIVERPOOL is not the most ob- 
vious place to put up a brand 
new office block. Its problems 
are too well known. Private sec- 
tor developers had written it 
oft And that is why English Es- 
tates stepped in. 

The state property company* 
concentrates on industrial 
property, putting up units 
where it perceives there is a de- 
mand but where the private sec- 
tor fears to tread. In Liverpool 
it branched out into offices in 
precisely the same style. 

Mercury Court is the result - 

170,000 square feet of offices on 
live floors and 21.000 square 
feet of shops and showrooms. 
English Estates thought it 
would take four years to let all 
the offices. At the present rate 
of letting, it will take less than a 
year. 

"So far 60,000 square feet Is 
occupied and 70,000 square feet 
is with the solictors. Enquiries, 
if they come to friuition wiU fill 
Lbe building." said Rob Bennett, 
the regional director of English- 
Estates. 

Tenants in or arriving include 
John West Foods, Bank of En- 
gland. Lloyds Bank. National 
Westminster Bank, Willis Fa- 
ber. Silkbum Management, 
New Zealand Insurance and 
Chase Property (Northern). 

It would be tempting to see in 
the success of Mercury Court a 
symbol of the economic renais- 
sance of Merseyside To be sure, 
there is an element of that in it. 
But it seems more likely that 


special supply and demand fac- 
tors in the Liverpool market it 
self have been behind the- 
quicker than expected lettings. 

This goes back to 1982 wheu- 
English Estates bought for 
£600,000 the languishing site > 
an old railway hotel which had 
stopped trading in 1971 and an 
old railway station the last sei> 
vice oat of which had run in 
1977. The property had passed 
from British Rail to the Proper- 
ty Services Agency, which had 
the stillborn idea of moving a 
Government Department out of 
London, to National Car Parks 
before it found its destination. 

At that stage English Estates 
looked at the market "We found 
a gap - there was no high quality 
accomodation of any size com- 
ing through. There was nothing 
for companies wanting 20,000 to 

40,000 square feet," said Mr Ben- 
nett 

Mercury Court has provided 
at least a partial cure for that 
But the demand Tor its facilities 
has largely been local. Looking 
at the tenant list, Mr Bennett 
noted that "the majority are! 
companies with fragmented ac-' 
eomodation around the city; 
they've taken the opportunity to 
pull together on one floor. As a 
result some have been able to 
expand." 

It is in that last remark that 
there is one element of econom- 
ic renaissance - the object of 
English Estates in taking on 

Mercury Court in the first place. 

■ ■ • * 



The provincial 

times are 

changing 


ELECTRICITY supply Nomi- 
nees, with a £700m portfolio, xs 
one of the big pension fond 
property investors. It could 
spend op to £4Qm a year, and 
considerably more in 1987 li it 
so desired, following the sale or 
the Trocadero in London for 
£90m, the former home of The 
Times newspaper for £22.5m 
and Aztec West near Bristol for 


new offices behind the facade of a Victorian hoteL 


It saw Mercury Court as a cat- 
alyst for private sector develop- 
ment. 

While it is true that British 
Land is leasing 2 Moorfieids, a 
new block just down the road, 
and there is a degree of refur- 
bishment going on in the imme- 
diate district, it is not true to 
suggest that aill of a sudden the 
Liverpool office market is blaz- 
ing. 

But, according to Mr Bennett, 
there are encouraging signs. 
Developers with property hold- 
ings in the central business dis- 
trict of Liverpool are now think- 


& 


of redeveloping their 
tdings. "Eighteen months ago 
they wouldn't have thought of 
doing if, he said. 

- The message is that confi- 
dence is seeping back. This is in 
line with the general trend in 
the offices market outside cen- 
tral London. English Estates, 
though, with its brief to foster 
economic growth can lead the 
pack of the private sector. It can 
accept returns that would not 
appeal to a private developer. 
And its experience with Mercu- 
ry Court is a faulty yardstick of 
what might happen. 

The cost of Mercury Court, in- 


cluding the land was £145m- 
But, when building started in 
1983, the construction industry 
was at a low ebb. It was possible 
to force down the price contrac- 
tors wanted to charge. This is no 
longer the case. 

Bents at Mercury Court are 
running up to £6.75 a square 
foot, within hailing distance of 
the rents being charged in Man- 
chester, but, given the per- 
ceived uncertainties about Liv- 
erpool, they are not at the level 
that would have developers 
Jumping for joy. Rents at 2 
Moorfieids are closer to £6. 

That said, the rents at Mercu- 


ry Court are higher than En- 
glish Estates expected to ob- 
tain. "When we looked the 
original appraisal, we baaed 
rents on the level then apparent 
- about £5. We found a rate of 
return acceptable to us and the 
GovernmenT.-said Hr Bennett. 

He conceded that this was 
lower than would be acceptable 
to the private sector. At the end 
of the day he expects the return 
to be around 8 per cent 

The next thing he has to de- 
cide is whether to expand at the 
back of the property. He has 
enough room for another 

120,000 square feet of space. 


"We have been looking at 
tail anywhere. We will now look 
at offices anywhere. Last year it 
would have been just retail, 
said Tan Cockburo, the ESN in- 
vestment manager. _ 

Hi« remark was a significant 
example of chan g in g times . On e 
of the reasons why office devel- 
opment has been sluggish out- 
■gjde London b gg been the fear 
of the developers that they 
might not find a buyer. And that 
■fear has been based on the re- 
luctance of the major institu- 
tions to invest in provincial of- 
fice developments. 

Mr Cockburn's . optimism re- 
flects a belief that “we see 
breaking through in the prov- 
inces quite a strong demand 



through both on the ground, as 
in the case of Liverpool, and in 
the industry indices, even 
though they are weighted to- 
wards the central London mar- 
ket 


Jones Lang Wootton found a 
7 1 per cent increase in capital 
value over the year to last June, 
against 5L1 per cent for the year 
to last March and a 12 per cent 
increase in the estimated rental 
value in the year to last June 
against an &4 per cent increase 
in the year to last March. 

ESPPs approach to the market 
though will be cautious. There 
will not be investment in de- 
pressed urban areas unless the 
property in question can per- 
form. Nor is ESN likely to go in- 
to the market as a direct devel- 
oper. 

Rather it will look for office 
developments in the central 
business districts of the main 
towns that it can purchase for 
investment Probably they will 
not over-large, said Mr Cock- 
burn. and they would cost less 
than £20m - “they start off with a 
better yield.” he added. Be- 
tween 20,000 and 30,000 square 
feet is what he has in mind. 

ESN can be taken as a barom- 
eter of a more confident market 
But while it is happy to diversi- 
fy out ofthe south east- the area 
of heaviest concentration for in- 
stitutional investment - it ac- 
cepts that this base will always 
remain the main source of its 

S roperty income. Just half a 
ozen properties in the City of 
London account for around a 
quarter of the value of its port- 
folio. 





TAPLOW 

GOURT 

BUCKINGHAMSHIRE 




2 






Freehold For Sale 

• MAGNIFICENT HISTORIC MANSION • 

• IMPRESSIVE LANDSCAPED GROUNDS • 

• FRONTAGE ONTO RIVER THAMES • EXTENSIVE VIEWS • 

> LONDON 26 MILES • M4 2!* MILES • HEATHROW 13 MILES 

66,000 sq ft net on 85 ACRES 

Currently uwd as offices, research laboratories, computer centre 6c workshops. 
With potential for a variety of alternative uses (subject to planning consent) 

€ )n the inMnicrinns i«f 



Knight Frank SMP 

£3 & Rutty 01-629 8171 



Gaynes Hall 

Grafham Water , Cambridgeshire 



18,500 sq ft R&D headquarters building set in grounds of 21 

with outline planning consent for 60,000 sq ft of technology 

■ 

and related buildings 
Offers are invited for the freehold 


DEBENHAM 
TEW SO N & 
CHINNOCKS 


0T408 1161 


RefiWHS 




- J 



On the instructions of 

Glaxo 

Pharmaceuticals Ltd. 

Further sites or existing buildings 
with potential to expand our 
pharmaceutical business by 
200,000 sq.IL to 5004)00 sq.ft. 

Business Space (Bl) with or writhout 
planning permission. 




■ rTBOpK fflS loUticd 8QBB Half* 
MJBTOH 


DFBFNHAM 
TEWSON& 
l HINNCX KS 

: *- f — . to- . , . 


01-4081161 


BEYOND 
DOCKLANDS 
...DARTFORD 


LONDON 


PROPOSED 
ABRIDGE 

R. THAMES 



On the Thames. On the M25. 

The Dartford Bridge £200 million . . . 
Marina/Housing/Hospital £80 million , . . 
Dartford Jnt. Ferry Terminal £20 million . . . 

A billion pounds says Dartford will surprise you. 

Find out why. 

Tel: (Q322) 343252 for a brochure. 



W 



The Partners of 

Drivers Jonas 

Chartered Surveyors and Urban Real Estate Consultants 

are pleased to announce 
the acquisition by 

Drivers Jonas (Canada) Lid. 

of 

45% of the Common Stock 

of 

■ •• I ■ I 1 I 1 I ■ 

Economics Research 
Associates Inc. 




Boston, Chicago, Los Angeles, 
San Francisco, FL Lauderdale, 
Washington 


London West End and City. 
Toronto; Glasgow Aberdeen, 
Norwich 


N T 



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MODERN • WAREHOUSE • PREMISES 

HUMBERSIDE - GOOLE AREA 
in excess of 100,000 square feet. 

MID-KENT - MAIDSTONE AREA 
in excess of 100,000 square feet. 

Agents - Retained if appropriate. 

IF YOU CAN HELP PLEASE CONTACT: John Cullis, 

Gavin Simpson or Jas Palmer at the Sole Agents 

■l&Daw 



ST. JAMES’S 

LONDON S W 1 

Freehold 

Refurbishment Opportunity 

Vacant Possession in Decenrfoer 1988 


Contact: LD. Mehtite 



01-4936040 


Business Finance 


* COMMERCIAL MORTGAGES 
* PLANT AND OFFICE EQUIPMENT LEASING 

* VEHICLE LEASING 

* CORPORATE FINANCE FOR EXPANSION 


We are here to help growing businesses seeking finance. 





HARROW FWANCE A INVESTMENT CONSULTANTS 
EQUITABLE HOUSE. LYON ROAD. HARROW, MDDX. KA2 2EW 

TEL: 01-861 3077 


/ 


Telephone 01-236 4881 


SOMETHING NEW 
IN THE CITY! 


_ fully 

and suites to let from 90-1,700 sq 
Reuters- Topic and Tefenue ava£ 
able on request 

immediate occupation 

Phone today for «iH 

viewing. 


36-38 Feochnreti St 
London EC3 

Td 929 534 US 346 
BE LOCAL LONDON CROUP PLC 


LONDON N4 

Single Storey 
FACTORY/WAREHOUSE 
& OFFICES 

22.000 sq ft 

FOR SALE FREEHOLD 

KING & CO 
01-493 4933 


J 


















Financial limes Friday October 2 1987 

TECHNOLOGY 


r^>\ 


MARKETPULSE 


F ord sows seeds of greater 
tractor reliability % 

Nick Garnett looks at an example a bow agricultural equipment ^ 
makers are spending heavily on improved production techniques . 


\r' N. ’■ ■, 





TOUGH AND big, the farm trac-' 
tor has been one of the vozld’s- 
most ubiquitous working tools. 
With maybe 20m of these: 
chunky workhorses in use, the 
tractor is one of those machines 
for which the word 'durability* 
might have been coined. 

But the modern tractor is a- 
fairly complicated «nim»i and 
its engineering is by no means 
invulnerable: infact, normal 
day-to-day use often puts it un- 
der tremendous strain. 

For one thing, much of its 
"plumbing* - the pipes and hoses 
carrying the liquids that keep it 
going - are pretty well exposed 
to the elements, vulnerable to a 
cow’s booC a careless foot or a 
flying rock. Its lifting hydraulics 
may be sophisticated but they 
are also sensitive. 

The tractor has to work in 
some pretty awfiil terrain and 
its typical driver will ask more 
from it than it was designed to 
deliver. 

Beyond that, the tractor is 
made up of many components, 
like those in its engine and 
transmission which, as In a pri- 
vate car, sometimes fail. "The 
difference is that a tractor out 
of service hits the farmer’s live- 
lihood,* Bays Bob Friedlander, 
managing director of Ford New 
Holland's tractor manufactur- 
ing in the UK 'Quality and reli- 
ability are vital to him.' 

In an industry where most of 
the world’s six largest tractor 
producers are turning is losses 
this year and are trying to drive 
down production costs in order 
to get back into the. black, the 
impact of high scrap rates on" 
the shopOoor and repair costs 
out in the field only compound' 
the headaches. j 

Ford- is an example of the/ 
huge amounts of money many 
agricultural equipment comps 
nies have been spending to iir 
prove quality and, with it, pro- 
ductivity. I. 

The company has spent sate 
£80m on new equipment in he 
past seven years at Its big t*c- { 
tor plant in Basildon, Englnd, I 


which ■ is now jt he company’s 1 machine operators - are 
main factory far supplying the hungry to take, over direct ne- 
northarn bemiShere. Friedlan- sponsibiiity tor quality. In the 
der says all bu!£lQm of that in- P® 5 * three years the number of 
vestment is directly UnfcoH to' shopOoor inspectors has plum- 
making high ef quality compo- meted from a hundred to about 
nents in a abcter time. Within * dozen: 
the past threT years alone, he Most of the raised standards 
says, faults n items manufac- Quality and cost saving, how- 
tujred at Basition have dropped ® ver > are directly linked to the 
by 40 per celt and, as a result, introduction of new equipment 



customer i 
en by a sin 

TheEssi 

and 6 cylinder tractors from. 30 ex 7- Friedlander has also decid- 
to 120 horS power, as well as *d that he cannot see where au- 
T to mated guided vehicles could 

nulwJc aclfmfvrn be nsefaRy installed in Basil- 

D rivers 9SK more don and has fought off an at- 

' r__ iLLinr>ni f >ir tempt by US staff to foist on the 

Tromiraciors British site a piece of modern 

thavuhey were lent^ist 1 *** 

* rmJjm. _ . .* But there is a lot of new ma- 

builfto deliver chineiy at Basildon. Some of 

the big pieces of reinvestment 
manufacturing engines for them were introduced in the early 
and so ie of their other, princi- 1980s. Cross Internationsd, part 
pal components. It has recently of the US Cross and Trecker 
been producing tractors at the group, installed a cam and 
rate ofabout 155 a day. crank boring machine on the 

Soqe of the improvements at cylinder block line. It cost £2.6m 
Basivon have come from la- and bas saved £300,000 per year 
boon changes. - These include in quality and productivity 
theTntroduction of a common costs. Before the introduction of 
gram known as Mechanical, this machine. Ford was scrap- 
Haptenance Craftsmen or ping 2JOOO blocks a year and re- 
MMXreferred to irreverently working a similar quantity, 
wi the shopiloor as the Micky Another machine, costing 
Bfiuse Club). Machine opera- £HMMX)0, automatically inserts 
tojs do more of their own quali- the camshaft bush into the cam 
tycontrol nowand a large num- bore of the block. Bushes are 
hfr of "repair standards' have loaded Into a hopper and then 
h*eh removed. automatically orientated to line 

7 The latter change has been up with the oil feed holes in the 
< in portent, the company says, cam bore. The saving from this 
■.for example on the cylinder project was 'one operator per 
plock line, faulty machining shift and constant, as against 
which caused deep scoring 1 somewhat more haphazard, in- 
fconld be rectified by sleeving, sertion of bushes. * 

Machine operators were told Cross also inataiiai? a £7m in-, 
that sleeving was being elimi- tegrated machining system for' 
nated and that from now on a manufacturing lift covers in a 
badly scored block would have single operation. These are 
to be scrapped. The initial re- lumps of metal supporting the 
percussion was that the scrap cross shaft where farm imple- 
rate went up. Bat over a period, ments are attached to the trae- 
without the sleeving safety net, tor. The total productivity gain 
first-time machining quality has from this was £Llm per year, 
improved substantially. Ford with manning levels -reduced' 


i plaints have fall- That is not to say that the 
r percentage. whole of the Basildon operation 

tlanl assembles 3,4 ^ Las up-to-the-minute machin- 


Ser tractors from. 30 
! power, as well as 

s ask more 1 
actors 
tey were 


builfto deliver 




bou 

the 


from 39 people on three shifts to 
four on a single shift. 

This tine, which was intro- 
duced five years ago demon- 
strates how machine technology 
is advancing Eden Diver, a se- 
nior manager with Cross in the 
UK says that this kind of ma- 
chine -could now be supplied at 
IS per cent less cost It would 
also now come with Infinitely 
programmable servo drives and 
other features, and could han- 
dle a larger variation in compo- 
nent sizes. 

One of the most significant ad- 

New equipment 
has resulted 
in most of the 
quality gains 


vances in the past two years has 
been made through the pur- 
chase of two very specialist 
grinding machines manufac- 
tured by Tschudln of Switzer- 
land. These machines are rela- 
tively small but together have 
cost more than £4MM)00 l 

They are used for match- 
grinding hydraulic control 
valves and the bushes they fit 
into. An electronic probe is 
manually inserted into each 
bush, and the information about 
the exact size of the bore of 
each individual bush is then fed 
into the electronic control box 
of the Tschudin machine. The 
machine then grinds the control 
valve to within 2 l 5 microns to 
get the exact required fit for 
each individual control valve. 
This has taken the first-time 
success rate for control valve 
manufacturing from 84 per cent 
to 100 per cent. 

Getting a perfect fit like this 
prevents leaks. Ford says that 
eventually the success of these 
machines could mean that one 
back-up valve helping to control 
leaks could be taken out of the 
engine. It sounds wild bnt the 
company says this could save up 


to £200,000 a year in production 
costs. 

Some of the high cost of these 
Tschudin machine tools derives 
from their advanced ball bear-, 
ing technology which allows 
such precision. But a sign of the 
times for the more sophisticat- 
ed machine tool is that the 
Tschudin's control box is about 
a quarter the size of the actual 
machine. 

Another batch of perfor- 
mance improvements have been 
squeezed out of component de- 
sign changes. One example is 
the cylinder head gasket Ford 
says that up to now one per cent 
of gaskets fitted to the four-cyl- 
inder engine developed leaks 
within a year. It has cut into this 
by the simple expedient of en- 
larging clamping bolts from half 
an inch to nine sixteenths. 

Automatic machines which 
torque up cylinder head bolts 
and which can handle bolt ten- 
sioning are currently being in- 
troduced into the farm machin- 
ery industry, and should help 
tractor companies make farther 
strides in leak prevention. 

Over the last three years, new 
equipment bas helped Ford re- 
duce component faults on the 
engines Basildon makes from 
more than 1-5 per engine to 0.84. 
It has also helped in allowing 
Ford to reduce its workforce 
and overheads at Basildon at 
the rate of 6 per cent a year dur- 
ing the past seven years. 

Perhaps proving another 
point though, not all production 
equipment at Basildon is mod- 
ern. Friedlander argues that 
capital investment In some ar- 
eas could not be justified and 
that some of the new machinery 
.installed in the past decade or 
so could still be around in the 
plant in another 20 or 30 years. 
Bight in the middle of the Basil- 
don facility is a rather famous 
cylinder head line - the one 
used to make components in the 
US for the ill-fated Edsel car 
back in the late 1950s. 


the supermarket 

FRENCH COMPANY Epsl 
’Lanne of Paris is introducing 
into the UK an electronic sys- 
tem which replaces the 
printed shelf labels in super- 
markets with liquid crystal 
displays, and allows immediate 
price changes at both shelves 
and check-outs. 

i The system is based on a data 
network which connects the 
ishelf locations and check-oats 

via a programming terminal. 
Each of the shelf labels, in var- 
ious colours, shows the prod- 
uct name, store code, the price 
per unit, weight or volume, 
;and the price of the item. 

The display also has a direc- 
tion aJ arrow segment which 

shows the customer where the 
goods are in relation to the dis- 
play. la addition, a light 
□ashes in the top right hand 
corner if the product is the 
subject of a special promotion. 

. For QiwtoVing, a hand-held 
|data collection unit can be 
plugged into the display unit. 
This records ail that Is on the 
screen, after which the assis- 
tant miters the stock count on 
.the collection unit's numeric 
keyboard. 


Turks and Caicos 
catches the wind 

INDAL TECHNOLOGIES of 
Toronto, Canada, which Is part 
of the RTZ Corporation, has in- 
stalled a 82 fact high, 50 kilo- 
watt wind-powered electrical 
generator on the Turks and 
Caicos Islands in the West In- 


This single unit, part of a 
feasibility stndy for a larger 
project, is expect e d to yield a 
one per cent saving in the cost 
of the diesel fnel normally 
[used to drive generators. Dis- 
cussions are taking place for 
| the development of a C$800,000 
■project which would remit in. 
: a 10 per cent reduction in the 


Chicago domes on 
the British horizon 

CONCRETE DOMES could 
ecome part of the UK In- 
dus trial landscape. H.P.j 
mes of Chicago has appoint-. 
Roger Bullivant, a Buiton- 
on-Trent eompany of structur- 
al engineers, as licensee. And. 
company, SB Airshells,. 


column-free area of 256 metres 
in diameter, and are cost effec- 
tive as storage buildings, pro- 
cessing plants, leisure or 


.be used for 1 
icomodatiou. 



i Qn the in structi on s of the British Bail Pr op e rt y Board 

110STATION CATERING AND RETAILING OPPORTUNITIES 

/ CURRENTLY OPERATED BY TRAVELLERS FARE 

Including licensed buffets, snack bars, bookstalls 

& CONFECTIONERY KIOSKS 
Available individually or in multiples 

LOCATIONS THROUGHOUT ENGLAND, SCOTLAND & WALES 

Complete list of sites and full particulars from: 





21 Manchester Square, Lon d on W1A 2DD 
Telephone Enquiries: 01-225 3565 (six lines) 

CLOSING DATE: 

Noon, Friday 20th November 1987 


Hotels & Leisure 


FOR SALE 

12 Pr im e Manhattan Properties 

AUCTION 

Nov. 4, Hotel Pierre, New York 
For Brochure and Information 
call (212) 219-8550 
PROPERTIES AT AUCTION 
635 Madison Aw., MY 10022 
Telex: 668771 InterprapL 
Telefax: 232-223-1354 





23,000 SO FT 

* Modern Office Bunding 
* Rent Revi e w MaecB 1988 

• Prtate Car Parking 

* Let to Prime Tenant 
• High Reversionary 

* I mm en se Future Growth & Potential 

Write Box T6552, Financial Times, 10 
Canon Street, London! EC4P 4BY. 



All types of ftmding 


I V * :1 Ii,-' 


■B 




,,1".., I! 


II 


Property Board 


Luxury tankhtd ofTlrr% prominent, post- 
flog annual Bcence; rent Modes rates,, 
heat i ng, lighting, cleaning. Telephone 


HICKLEYS COURT 
FARNHAM 

3 SUPERB OFFICE BUILDINGS 
For Sale or to Let 
1^425-8,335 sq. ft. 
WELLER EGfiAR 
Tel: 0252 712200 
PEPPER ANGLISS & YARWOOD 
Tel: 01-499 i 


BERKELEY SQ 
LONDON, W1 

SUPERB A/C OFFICE S1ETE 
3^00 SQ FT 
TO LET - NO PREMIUM 


G LEN COOL gives you silent, 
efficient and. total control of 
your interior environment. 

Not just air Conditioning, but state erf the art multi-function 
climate control, offering a complete service embracing con- 
sultation, irtfallation ana an after sales service which is second 
to none. In^ding a three year guarantee on all systems mcor- 

technology that puts you first 
Contact us fir an information pack. 

• GLEN CO-OL ITD -A 

environmental CONTROL 
235 Ivtdfa Road. LondonNVto6l£ 

Efcofemc 0M2 2325 Ttieu 295S14 GIENYO G v 
j Fixe 01-435 0575 

SAfhO Manufacturer's Representative for the U.K. 


Milton Keynes 

100,000 sqft fehoiise/ferjr 
with scope for expansion 
Freehold For Sale 



1 ^ | IJ I ’ 


Write Box 7B55T. Financial Times 
10 Cannon St Londbn EC4P 4BY 


Legal Notice 


* 1 :*■ * ■ 4 j i ; w.V. * 1 1 kl 


23SHmkk y 
tone: 02*43 2 


<5 


Mike Ayrat 

*vHillier 


David Loucfal 






^ . t M t. 


01-629 7666 


1 3 


0908 679900 


Nationwide King & 
f^»| j Anglia IS. Chasemore 


Approx. 6.1 Acres 
j BUILDING land 

i with Planning Consent for 
! RESEARCH & DEVELOPMENT AND 

light industrial purposes 
! at 

/ CR0WTH0RNE, BERKSHIRE 

For Sale by Public Tender 
Wednesday 11th November 1987 

BuBdmgLand DMMon. 2/3 ChmMIOpurt 
The Shunt Rutttngtnn, West Sanax, #903) 773991 


KNIGHTSBRIDGE 

Freehold Office Building 
3,000 sq ft 

FOR SALE 




\ \!\i 


01-491 2188 


Sole Agents 




International 

Property 


Ranking: A ~r USA. 


The WALGREEN COMPANY 
with a sales figure of 
S 3,000,000,000 and an excellent 
credit tanking offers best possible 


as tenant. 

Commercial real estate properties 
at purchase prices from $ 600,000 
onwards* 


-I- fixed rent increases 
+ percentage rent 
and triple-net lease agreements 
with 20 years lease terms 
and — if desired — 

a profitable financing 
through: 

GIAK GmbH, Dieter Lehnert 
Postfach 2205, D-3000 Hannover 
Teiefon (05 11) 34 829-01 
Telefax (0511)344573 and 

GIAK USA, Jan Petersen 
Telefbn 001 (305) 655-5208 
Telefax 001 (305) 833-5825 


•plus 3.424b commission 


No. 1379930 
M dotd bt Eng Ini am wain 
TELEPOST SYSTEMS LTD 
(M RECEIVERSHIP) 

NOTICE IS HEREBY GIVEN, pniM to 
tecttotidSCE) of the hgofyewy Act 138b» dm t 
meeting ot me insecurcd ciuHun or me JDOvc 
conpaiy will be held et The Offices of Cork 
GuRy, FhocNx Hta&% Statin HDL ReaAig at 
1UX> am n Wedmdv 14 October 1W for 
dm impose of hwtng laid before It a copy of the 
report prep are d by the rtnW W te reoehcr 
ondv sec tin 48 of she said Act andt If thougtc 
fit, wotnUag a ommltM 
Creditors wfaosv dabes ore Bhoify —c u red an 
not *niii to aari or be levroeilcd at tee 
meet big. Otter oedtoon are oofy eteitlcd to vote 




(a) they Iwoe ddhered to me at die oddi tis 
sh orn beta*, no later than Z2JUI hows 
on Tuesday 13 October 1487, mrttun 
derate of the defats they daim to fag due to 
teem from the com pany, are) their daiiu 
hare ben ttifar aMtted under the provi- 
sions of Rule 311 of the Inuriueney Rules 
i486; and 

03 there Ihb ben lodged wttfi ik apy proxy 
iteldi the oedhor Meads to be used on 
Ms behalf. 

Signed! J.M. Male 


Crete fiotly 
PhoaUa Home 
Sutton Htl 
Rnfe RG1 1UN 
tod September i«7 




OOOfiUL 





offlea wltu 250500 oqum feat 
I now at HhHwm Mport 

mfear IwaL UMiimim Hmnim piitod l 
year id Inofudo bub . etc ooeopt 
convmanfcadano. nm haw teduon «m 
lor Ltofeoo.. 




T»U CO-897 72M 
FSC 01-897 7240 


DENVER, COLORADO 

Residential properly, 386 acres, 
wftfl planning approval for 100 
homes. Large quantity of surplus 
water. 

.IWf stare a va B ahi e for US$1 ju> 

HMrtar TW8, Financial Times 
10 Cmon Street U ndta EC4P 4BY 


(IN BECEIVCRSHIP) 

NOTICE IS HEREBY GIVEN, poreumt 
Id sectkan 48 of the Insolveiicy Act 1986, 
tfaac a meeting of the creditors of the 
above named company will be held at the 
Grand Hotel, Aytoun Street, Manchester 
Ml 3DR on the 7th doy of October 1987 
at 1X30 am for the purposes mentioned in . 
.sections 48 and 49 of the saW Act, 

Jk creditor Is entitled to vote at the 
interni n g only H: 

4a) he has forwarded to the Joint idmk 
alstrative receiver, Mr D. A. Wild of 
Binder Haolyn Scottish ProvldMit 
House, 52 Brawn Street* Manchester 
. M2 2AU not later than 12 n 00 hoars pa 
| the 6th doqr Of October 1987 details In 
writing of the debt that he claims to be 
c to to Min From the above named 
comparer, and the daim bas been duly 
admitted, end 

aCbl there has bean lodged with the Joint 
j administrative receiver any proxy 
S which the c r editor intends to be used 
on Ms beh al f. 

bated tills 21st day of September 1987. 

| D. A. Wild 

I Joint Administrative Receiver 


The domes are fabricated by 
Inflating a tough rubberised 
polyester fabric and covering 
the exterior with an 88nun lay- 
er of reinforced concrete. Lat- 
er, waterproofing and colonr 
'coats are applied. When the 
rubber former is deflated, a 
strong, self-supporting struc- 
ture is left, with an expected 
jlife of at least 35 years. Door 
and window openings can be 
{incorporated, and Roger Bulli- 
vant claims the technique is 
one of the cheapest building 
methods yet devised. 


Toshiba has key to 
quick translations 

TOSHIBA, the Japanese elec- 
tronics group, bas developed a 
persona] language learning 
device called 1C- Voice, in 
which an integrated circuit 
card is plugged into a unit 


about the size of a personal cas- 
sette machine. 

The user can then choose 
and immediately hear one of a 
selection of key foreign lan- 
guage phrases through head- 
phones. He can also record a 
phrase himself (up to eight 
seconds) for immediate com- 
parison with the Instructor’s 
version on the card. 

Toshiba is to supply Interna- 
tional Learning Systems Japan 
<II£) with 50,900 of the units 
over three years under a con- 

Maxwell, chairman of ng and 
of Maxwell Comma nications 
Corporation in the UK 

In Japan, Il£ distributes 
English language educational 
materials produced by the 


J. Brown automation 
comes home to roost 

A LEADING factory systems 
•supplier in the UK John 
Brown Automation of Coven- 
try. Is applying computer net- 


PROPERTY FINANCE 
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It’s the 
best news the 
market's had_ 
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ADP Financial Information Ltd 

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work assistance to one Of its 
own principal activities, the 
design of automated manufac- 
turing Systems. 

The company recently won u 
£6m engine plant order 'from 
Austin Rover and has supplied 
major systems to Russia. It 
called in Co mputa centre, the 
London microcomputer system 
company, to design and install 
the new £250,000 network. 

Based on IBM-compatible 
machines, the Ethernet data 
'network draws together com- 
puter-aided design (CAD), 
desk-top publishing and the 
design of software for John 
Brown's factory automation 
products. 

Three proprietary CAD pro- 
grams can be used on three dif- 
ferent terminals at the same 
time, while on another, docu- 
mentation is prepared using 
Rank Xerox Ventura software 
working into a laser printer 
' and a drawing plotter. Simulta- 
neously, four of the worksta- 
tions can be used for writing 
software to control robots, sen- 
sors, tools and other items bt 
John Brown’s products. 

All the workstations use the 
same data base, so that the 
same information is available 
to all the users at any moment. 
Overall system control is by 
Computacentre's Philosopher 
disk management system. 

Eventually, John Brown 
plans to link office and manu- 
facturing systems using optic 
fibre and MAP jmannfac taring 
automation protocol) commu- 
nications. 


The Norwegian eye 
for perfect cables 

A NORWEGIAN electronics 
company. Data Optics, of Bek- 
-kestua, has developed a fully 
■automatic and comprehensive 
visual inspection system for 
plastic and rubber extruded 
products. The company claims 
It is the only system that will 
control, in one, on-line pro- 
cess, dimensions as well as the 
surface characteristics of hos- 
es, tabes and cables 
Direct costs are therefore 
■saved in extrusion plants be- 
cause the work force per shift 
can be redneed, and there are 
significant product quality im- 


LM 




lii.iiiuim inn 


[CON TAC TS; Ep&i Trane: UK office, 091 
416 9577. RTZ: London. 930 23991 Roger 
Bullivant: UK, 0283 219522. Toshiba: Tok- 
yo, 457 2104. OomfMitacentxe: UK. 0923 
,32202 Dali Optics: Norway , 2 530067. 



h 


Company Notices 



URBAN RENEWAL 

The Financial Times proposes to publish a survey 

on the above on: 

Friday November 6 1987 

Topics proposed for discussion include: 

The Scale of the Problem 
Mechanisms for Renewal 
Financing Renewal 
The Urban Workforce 
Housing 

Political Tensions 

The Future of City Centres 

London 

Overseas Experience 

For ntformotion on advertising and a fuR 
editorial synopsis , please contact: 

Penny Scott 
Financial Times 
Bracken House 

10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext 3389 
Telex: 885033 FINTOH G 


LVMH 


MOET HENNESSY ♦ LOUIS VUITTON 

A French “soeSAte anouyme” 

Sham capital of 54&57l£5Q French Francs 

Regis te red Office: 38 avenue Huche — 75008 Paris 

Registered with the Regfatxe dn Comm er ce et des Soddtd 

under reference PARIS B 775 878 417 

* * * 

WARRANT 1887-1898 WITH A SUBSCRIPTION PRICE OF FF 2.728 
— NOTICE TO WARRANT HOUDERS — 

NOTICE IS HEREBY GIVEN THAT, pursuant to a resolution 
passed at an Extraordinary General Meeting of the shareholder* 
held on September 2nd 1 887, t he board of directors of LVMH MOET 
HENNESSY LOUIS VUITTO N de cided on September 18th to 
increase the share capital from FFB 4S7 ,876^00 to FF 549,571,550 by 
incorpor a tion of Share premium account and creation of UB31J05 


These shares will be distributed to the shareholders on the basis of 
1 new share tor 5 shares outstanding on September 16th, 1987. 
Pursuant to the terms and conditions of the warrants conditions the 
entitlement of the warrants has been amended to account of 
this operation. 

Consequently, the new entitlement, effective October 6th 2987, is 
L20 share for one warrant with a subscription price of FF2,72a. 

THE BOARD OF DIRECTORS 























40 


: Financial Times Friday October 2 1987 


COMMODITIES AND AGRICULTURE 


EC aid 
sought to 
combat 
fishy story 

By Tim Dickson in Brussels 

“The power of the Press” 
nay be widely acknowledged 
bat the influence of the media 
in West Germany is literally 
reaching 8 new scale. 

A recent television pro- 
gramme from the Federal 
Republic highlighting a 
potential health threat from 
eating fish sent the Bonn 
Government this week scurry- 
ing to Brussels for support. 

The broadcast in question, 
which went out in mid- 
August, drew attention to the 
fact that a particularly nasty 
sounding parasite called 
nematodes (a type of thread 
worm), can be found in many 
species and that when not 
“ properly gutted or cooked " 
can cause severe intestinal 
problems for several days. 

The result of this “scare 
story,*’ as the State Secretary 
lor Agriculture and Fisheries 
Wolfgang von Getdern, ex- 
plained to his colleagues in 
the Fish Council on Tuesday 
evening) has been a dramatic 
collapse In consumption of all 
types of fish, notably in tbe 
southern part of the country 
and ranging from 44) to 60 per 
cent depending on the 
region. 

Mr von Geldern’s decision 
to raise the matter in a Euro- 
pean Community context was 
prompted not just by the need 
to get Brussels' approval for 
his Government's proposed 
DMLSm (S820.000) package 
of emergency aid for re- 
tailers, processors and pro- 
ducers but by the feeling that 
steps should be taken to re- 
store faith In fish through an 
EC-wide publicity campaign 
and to harmonise hygiene 
regulations in all the mem- 
ber states (something which 
the Commission Is In fact 
already considering). 

His suggestion was that 
DM 500,000 could be allo- 
cated from the EC's structural 
funds for such propaganda 
purposes. 

Mr Antonio Cardoso de 
Cunha. the Portuguese Fish- 
eries Commissioner, promised 
to go away and consider all 
the points bat other delega- 
tions (notably the Dutch and 
the British) clearly had reser- 
vations about the German 
approach and felt that tbe 
Community should not over- 
react. 

The Dutch pointed out that 
the problem of nematodes bad 
been known for many years 
while Mr John Gammer, the 
UK Minister, reminded his 
colleagues that the British 
sausage had once come in for 
similarly disrespectful media 
treatment and that Inevitably 
It would take time to repair 
the damage. 


‘Destroy surplus food’ 
urge European MPs 



BY TIM DICKSON IN BRUSSELS 

A GROUP of European MPs 
have called on the European 
Commission to look closely at 
the possibility of destroying a 
part of tbe Community’s surplus 
food stocks. 

The controversial issue is 
raised in a new report based on 
a special investigation into the 
problem of stocks in the agri- 
cultural sector which has been 
carried out over the last few 
months by a committee of the 

Strasbourg Parliament, 

This also calls on the Com- 
munity to fix for the first time 
“ normal " levels of excess food 
quantities, to increase the 
volume of food aid to the 
developing world, and to pursue 
a more marker orientated price 
support policy for European 
fanners. 

The question of whether or 
not to destroy surplus food 
stocks has always been a highly 
sensitive one in Brussels for 
obvious political and humani- 
tarian reasons. The conclusions 
of the European Parliamentary 
investigation, which will be 
debated by a full plenary ses- 
sion of the assembly later this 
month, point out that “from a 


strictly economic point of view 
the destruction of old stocks 
can be justified.” 

Bearing in mind, however, 
tbe grave ethical problems, 
adverse public opinion and the 
need to limit such action “to a 
minimum," the report calls on 
the Brussels executive to 
'initiate an in-depth study on 
all aspects of destruction where 
stocks have been fully depreci- 
ated because of loss of market 
value and storage costs.” 

The European Commission 
has itself not excluded this 
most drastic of options, notably 
for the large quantities of 
butter In storage which are 
more than three years old. But 
as a spokesman put it last night 
— “we must first look at all the 
alternatives which would be 
preferable for political and 
financial reasons. We are, for 
example, talking to the food in- 
dustry about selling them some 
of the stock for animal feed- 
stuff's and contacts are also 
taking place with the paint and 
soap industries.” 

Destruction of food, of course, 
is not unknown. A significant 
part of the fruit crop in Cali- 


fornia, for example, is thrown 
away every year and from time 
to time the European Com- 
munity has had no option but 
to dispose In this way of fruit 
and vegetables 

Elsewhere in its conclusions 
the European Parliament report 
spells out what its authors 
think should be “normal" stock 
levels for the principal pro- 
ducts. The suggestions are 
12m-15m tonnes lor cereals at 
the end of a campaign (against 
roughly 16-17m da store at the 
moment); 200,000 tonnes of 
s kimm ed milk powder (against 
roughly 600,000 tonnes now); 
200.000-300,000 tonnes of butter 
( compared with 950,000) ; 
100,000 tonnes of beef (against 
700,000) and 100,000 tonnes of 
olive oiL 

Many of tbe ideas for reduc- 
ing the cost of the Common 
Agricultural Policy are already 
reflected to a greater or lesser 
degree in the Commission's 
policy approach. But the tone of 
the report, while reiterating 
some of the fundamental prin- 
ciples of tbe CAP, is note- 
worthy for being more market 
orientated 


French commodity markets plan 


LONDON 

MARKETS 

COFFEE PRICES advanced 
strongly in London yesterday 
as optimism returned to the 
market over the outcome of 
the International Coffee 
Organisation’s talks on export 
quotas. The decline of ster- 
ling against the dollar and a 
firmer trend to New York 
helped the advance, said 
dealers. Yesterday’s scheduled 
council session of the ICO 
was postponed until this after- 
noon to allow more time for a 
contact group of producer and 
consumer countries to attempt 
to reach a compromise on the 
distribution of export quotas 
among producer countries. 
Cocoa prices also closed 
higher, buoyed by higher New 
York prices and lower ster- 
ling, as well as concern over 
the lack of good quality cocoa 
coming on to the market for 
nearby delivery. On the 
London Metal Exchange alu- 
minium prices moved irregu- 
larly throughout toe day. 
Homing trading was un- 
settled by a sell-off in copper, 
but the downtrend lost 
momentum and metal for 
three-mouth delivery ended 
£fl a tonne up at £14U.50. 
LXE prices supplied by 
Amalgamated Metal Trading. 

ALUMINIUM 

99.7% | Unofficial +OT I H^)i/Low 
l close (p.nO — I 


f 


INDICES 

REUTERS 


Oct 1 


jrtgt a,srfti~^ay 


oarage 


1640,7 ilMO A } 1640,3 ; 1 650.9 
(Bin: September IS 1931*100) 

DOW JONES 


RST- Sept '| SeatT 'tetri' i Year 
/one* 50 I as ! ago { *90 


spot 1S6.1S 186.S4j — .123.11 
Fut .1.2MJ 1130.B7J — ,189.65 

"(BaieT December - 31'1931 -100) 


MAIN PRICE CHANGES 

Nov. 1 + or Month 
1287 — ago 


METALS 

Aluminium 
Free Market- 
OOPPfi^aa,— 

Cuh Grade A— 
Smooth*. — 
Gold Troyes...... 


(£1139 
(£1110,5 
£4-55 
(£368.0 . 
(£363.75 


SIM/fiJ 


fttt/262o 

•133.60 

W66JL5U 

8300/31 

H65.36p 


+50 

+5.5 
+ 2,5 


+ 13 
+8 


U103U5 

[E1816 .& 

mmM 

•408.51 


B 837 j 267 c 
.»:«158.75 
.10*607.00 
■fiaaa /iai 



j477*56p j— &05f470.OOp 


1114180/219+20 £4140/170 

■$53.78 ; 655*47 

•38/50 J 643/55 

l£471 U-0 (£465^1 

(£473-5 £467.76 

f. J6B60 


purity 


dose (p.mj 
S per tonne 


BY PAUL BETTS IN PARIS 

THE French Government is 
planning to boost toe competi- 
tiveness of France’s commodity 
markets by harmonising the 
country's two futures markets 
under the same regulatory body 
and studying possible tax cuts 
for commodity dealings. 

The move, announced by Mr 
Edouard Balladur, the French 
finance and economy minister 
yesterday, is a response to toe 
increasing competition from US 
and London futures markets, 
particularly in toe white sugar 
sector. 


cadi 

| 1920-30 | — 38 


3 months! 

| 1810-20 |—6 

— 


3 months ....... 

Nlokol 

Free Mkt 

Palladium 
Platinum 
QuickC Tvert 
Silver troy 
5 month* ..... 

Tin 

free Mkt. 

Tungsten 
Wolfram 22.81b— 

Zinc..-- ...... 

3 months.. — 

pr oducer s 

OILS 

Oooonut (Phil) 1UL1..'65X0 

PahntMsyan J$36 5z p~...j$320 

_ -+5 6147 

GRAINS^ ' . a m ~ mm “ 

Barley Put. Jan}£i04.6O j +CLM^ioo.o5 
Maize >6132.70 U 153,00 

Wheat Put, J aiLjfcl 09.60 l+0JK£lO4;15 

No. 2 Ha rd Winy, t i j t 

OTHERS “ 

- ■ u^£247jfi 

Coffee PL Jan £1339.6 > 87JE1347.5 

.HT.B4-.50c 


Copra (P run (&S30 

Soyabean (U.8.1 l|168v 


The most significant aspect of 
the reform is the proposal to 
reduce the tax rate on profits in 
the commodity market to the 
same level as those applying to 
capital gains in the stock market 
and on financial futures. The 
current rate for comodi ties is 
58 per cent while the rate in 
the other markets is only 16 per 
cent. 

At the same time, the com- 
modities and financial futures 
markets will come under the 
authority of the same super- 
visory body, the Marche a 
Terme de£ Instruments Finan- 


ciers or Matif. This will mean 
that brokers dealing in com- 
modities futures will now also 
be able to deal in the fast 
growing French financial 
futures market 
Mr Balladur said in a state- 
ment that the measures were 
being taken to help support the 
commodities futures markets in 
France. He added that tbe 
unification of the French 
futures markets under one 
institutional body was “ an 
important element to make 
Paris a major international 
financial centre.” 


Official closing (am): Cash 1,950-60 
( 1 .920-40); three months 1,615-25 
(1.800-5); settlement 1,965 <1.940). 

Final kerb close: N/A. Ring turnover 
500 tonnes. 


Cotton A Ind. 1 
Gaa Oil Nov, 
Rubber (kilo) 
Sugar (raw) 
WooYtops 64e 


180.10c '+0.0*84.500 


16163.25 I— 0JZ&I8158 
i67p 1 — 0.251691 

0X69W 1—4 5152,4 

i488p WtoU~..~|497pkj|o 

* Unquoted, t Par 76-15 flask, o Cents 
a pound. • Cotton outlook. wOct-Nov. 
a Sept-Oei y Nov. x Doc, r Nov-Doc. 


99.6% I 
purity | 


£ per 

tonne 


Cash jll998-T20ot + 20,5 ! — 

3 months! 1111-12 1+8 :lllg/10W 

Official closing (ana); Cash 1,195* 
1.200 (1.1B1.2): three months 1.105-5 
(1 £92.5-3); settlement 1,200 (1.152), 
Final kerb close: 1,110-11. Rfng turn* 
over 14,500 tonnes. 


SILVER 

Silver was fined 3.5p an ounce lower 
for spot delivery in the London bullion 
market yesterday at 466.35P- US cent 
equivalents of the fixing levels Mrs : 
spot 755c, down 925c; three-month 
770.8c, down 9.4c; six-month 78723c. 
down 8.35c; end 12-month 8 2 0 . 25 c . 
down 545c, The metal opened st 464- 
48S4p (753-755c) and closed et 400V 
468p (754-766C). 


US MARKETS 


silver S.000 poy °C CTna/travftT 


NEW YORK 


aluminium «.a» toe, bmw/h» 


Low 



Oct 

Ncv 

Dec 

Jen 

Mar 

May 

Jul 

Sep 


(Pose 

763.5 

789.0 

754.0 

708.0 

781.0 
792.7 

804.6 

817.1 


Prmr 

760.0 

76641 

7614) 

7660 

7784) 


Hta, 

756.0 


_ low 
•0 7SBJ) 


801.9 

814-3 


785.0 7i 

788.0 71 
6544) ac 


SUGAR WORLD -i 1V 11X600 be, 
cants/fb 


Dec 

March 

May 

July 

Sept 

Dee 

March 



Prev High 
1823 1843 

1844 1858 

1873 1888 

1901 1918 

1929 1935 

1868 * 1W 

— 1990 



Close 

6JS3 

7.09 

7J» 

7.46 

7.68 

7.83 

8121 


Prev 

6.40 

6-95 

7.29 

7X5 

7.57 

7.76 


High 

84/ 

7.11 

7-31 

746 

748 


low 

6.50 

6.79 

7.01 

7X0 

743 


— X01 8.91 


CHICAGO 


March 

May 

July 


C ”*7.800 lb*. MUts/fo 

Low 
113J0 
116.66 
118.65 
120,00 
181.28 


_ LIVE CATTLE 4ft000 rbo; Cwm/lh 


March 


dose 
117 M 

120.63 
12X66 
124 X 

125.63 
127-50 
124.60 


; Prev 
*112.77 
ne-se 
118.88 
119.75 
122.00 
122.78 


Hl9» 

118.60 

121.75 

123.75 
124.S0 
126.00 

127.75 


Oct 


Feb 

Apr 

Jim 

Aug 

Oct 


Cfose 

6740 

6YS0 

66.37 

57.72 

57.52 

66.55 

6475 


Prev 

6746 

96.60 


»» 07.06 

6747 65,60 


87.32 

66.32 
64.50 


66.95 

68.20 66.95 

67.20 £5.65 

65.10 6440 


COPPB1 25,000 Itat oents/lb 

Close prev High 

79.96 
79.75 


Nov 


Jen 

BOar 

May 

Jul 


7X16 
78 JO 
77.65 


79.96 



LOW 

79.95 


LIVE HOGS 304)00 Cams/to* 


80.45 7945 


79.16 

78.20 


76.15 

77.60 


Oct 

Dec 

Feb 

April 

June 

July 

Aug 

Oct 


Prev 

47.57 

45.27 

43.69 

40.90 


Close 
49,07 

46.62 

44.62 
4187 
44,15 
44.40 43.52 

4X90 41.60 

39.90 38.55 

40.20 40.16 


High 
48.07 
46.70 
ASM 
4X1S 
44.60 
44 JQ 
43.10 
39.97 
40 20 


Low 

48.42 

45.82 


41.60 

43J5 

4425 

42.50 


COTTON 60,000 lbs. cents/* 


Oct 


March 

ai — 

w*y 

July 

Oct 


Tl f l2 
7X77 
73 JS 


High Low 
7X41 
71.10 
7X75 
73.35 
73.45 


67.60 

8SJ1 


Pr-v 
73.41 
71 JO 
73.*, 

74.0 

74.01 

67.55' — — 

6SJ5 66.50 65.85 


MAIZE ^ L o 

5,000 bu min, cents/56 lb bushel 


72.10 

73.85 

74.15 

74.15 


CRUDE OIL (LIGHT) 

4X000 US geUcns. S/bevds 


Dec 

March 

May 

July 

Sept 

Dec 

March 


Close 

134.2 

192.4 

197.2 

190.4 

195.4 
196 JL 

203.4 


Prev 

179.6 


193.2 

186.2 
191.6 
191 X 
198.4 


High 
184.4 
19X4 
1974 
190 A 
195.8 
196.2 


Law 

181.2 

188.4 

194.2 

196.8 

193.0 

19X2 


Fab 

March 

April 

May 

June 

July 

Aug 


19.58 

1X46 

19.38 

19J8 

19.31 

19X1 

19.16 

19.10 

19.10 

19JS 


79.59 

19.48 

19X8 

19X2 

19X6 

19X0 

19.15 

19.12 

19X9 

19.07 


■Wuh 

19.06 

19X4 

19.45 

IS 

■9X1 


MO 19.06 



PORK BBJJ6S 38.000 tbs. cente/lb 


dose 


Prev 


58.50 

59.10 


56.50 

57.10 


High Low 
68 M 
57 JS 
98.10 58.00 

68.00 


SOYABEANS 54)00 bu mfd$ eents/KUb- 
bushel 


GOLD TOO troy oz. S/my «* 


NOV 


April 


Close 

464.0 

456.6 

459.7 

468.1 
47X6 

479.1 


Prev 

4SX7 

455.7 


471.9 

418.5 


Hr* 

45&0 

4611 

457.* 

473i 


Low 

453.0 



New 

Jen 

March 

May 

July 

August 

Sept 

Nov 


Close 

544.4 
56X4 
559.2 
664.8 

667.4 
663-0 

549.4 
545.0 


Prev 


High Low 
545.4 537.0 

64X4 


544.4 

550.4 
SSI -2 

547.4 
534.6 

530.4 


670.0 
56X0 

560.0 

547.0 


SS4.6 

S57.4 

59X0 

640.0 

934.0 


August 4BSJ 485.4 — \ — 

460.0 480.1 4618 . 461.0 


Lower wheat output forecast 


Grade A 

Unofficial + or 
close — 

8 par tonne 

Oath j 

3 month# ! 

I136-40I+5JS 
1119-201 + 2.6 


High /Low 


BY RICHARD LANDER 

THE INTERNATIONAL Wheat 
Council (IWC) has lowered its 
forecast of world wheat produc- 
tion dn the year to next June 
by 12m tonnes of 506m tonnes 
because of poor harvest weather 
in several important growing 
countries to tbe northern hemi- 
sphere. 

The new estimates, 'in the 
TWO'S latest. mgricet. report,. put 
tbe current year's output even 
further behind the record 535m 
tonnes produced in 1086/87. 
Since the council made its last 
estimate in July, the dismally 
wet summer in western Europe 


has produced crops some 6m 
tonnes below expectations. 

Poor weather has also led to 
toe Canadian crop estimate 
being lowered by 2m tonnes to 
25m tonnes. 

As indicated by reports from 
Moscow, the Soviet wheat crop 
has also. suffered and the IWC 
now estimates production at 
80m tonnes, 2m below toe July 
estimate. ■ . 

Despite the use of improved 
cultivation methods and pear- 
fonnance-related incentives in 
toe Soviet Union, the IWC said 
that “any gains achieved . . . 
were probably more than offset 


by the adverse effects of some 
of toe most difficult conditions 
ever recorded” 

However the council said it 
was tentatively raising the 
overall Soviet grain crop by 5m 
tonnes to 200m tonnes— still 
10m tonnes below last year’s 
figure— because of higher coarse 
grain production. Soviet grain 
imports are now expected to 
total 32m tonnes against 38m 
in the previous forecast. 

World output of all grains is 
now estimated at 1,311m tonnes, 
18m tonnes down from the last 
forecast compared with 1,380m 

in 1986/87. 


Official doffing (am): Cash 1.135-G.S 
(1.138-7): three month. 1.114-15 (1,121- 
2 ): sanJemai* 1.13Q (1,137). Final tart» 
dose: 1.120-1. 


SILVER 
par 
troy oz 

Bullion 

Fixing 

price 

+ or 

LULL 

p.m. 

Unofflo "I 

t 

Sopt 

3 months. 
9 months. 
12 months 

466.36p 
477.35S 
489. 65 p 

0l2.66p1 

-3.85] 

-3-69j 

762o 

767o 

—8 


Three months Ansi kerb TffiJe. 

-Tlimovor; 0 (0) lots of 10.000 


oz. 


Standard 
Cash 
S months 


i 


1135-8 f 
111508) 


+7X 

+3 


Official closing (am): Cash 1,132-9 
(1,131-4); three montfae 1,110-13 
(1.117-20); settlement t.135 (1,134). 
US producer prices 8X5/89 cents per 
lb. Total ling turnover; 4X976 twines, 

LEAD- 


Robust** opened firmer then due 
with eeriy trade buying, reports Drexel 
Burnham Lambert, Underlying opti- 
mism buoyed up value* early In the 
session In quiet conditions. Later new 
of possible progress between con- 
sumers end producer* prompted ■ 
steady advance with commission and 
trade house buying. 



Unoffloial 

+ or 



oloae Cpjiu) — 

£ per tonne 

High/Low 

Cash 

568-9 1 

f 12 

372/360 

3 Months 

563.6-4 i 

+8 

3671364 


■ 

Oil and fats is hottest issue 


Official closing (am): Cas h 36 7-8 
(354-6); three months 363.5-4 (353*4); 
settlement 368 (355). Final kerb closet 
384-5. Ring turnover 12X25 tonnes. US 
spat: 42 cents par lb. 

NICKEL 


COFFEE 

Yesterday 

dose 

l + -1 

Bualnem 

done 


1308-1518 

+ 21.81 

I310-U80 

Nov- 

jftn 

1338-1549 

136Q-T5B1 

+27^ 

4.19.0 

1339-1310 

1560-1336 

Mar ....... 

1378-1580 

+ 16pS 

1374-1368 

Mere 

1398-1588] 

+ 10.5 

1390-1376 

July ...— i — 

1400-14 W 

+ 10.0 

1409-1301 

Mao «... 

1430-144$ 


1434-1425 




4004 

507.6 


499.9 50X0 1 496 -8 

507.4 508.5 ‘.OOBX 

June 62X6 62X6 62X4 82X9 

August 530.1 530.2 — \ — 

HEATING OIL 

4X000 US gallons, cents/US griots 


SOYABEAN MEAL 100 tons; S/Xkm 

Prev Hfgfa 

174.7 181.0 

168.4 175.5 

166-2 17X6 

164.5 

163.7 



Latest 

Prev 

High 


Nov 

54.53 

54.50 

54.75 


Dec 

56.08 

55.06 

5530 


Jan 

55.50 

55.49 

55.90 

519 


SOI IN OIL 

6M >; cents/lbs 


Merab 

April 

any 

June 

July 


51X0 51X6 


50.00 

49X0 


61X9 

69X6 

50X0 


ORANGE JUICE ISuOOO fbe: ceate/fbs . 

Nov 

134-25 

13225 

138.90 

134 JS 

Jen 

132 JS 

ttfM 

132-90 

131-40 

Mar 

132.40 

132.60 

132.90 

131-70 

May 

132.46 

132.00 

132 JO 

132-20 

July 

132-45 

T32JOO 

132-50 

132.00 

Nov 

132JK 

130^5 

172 00 

192 00 

Jan 

137-26 

130 JB6 

132-00 

132-00 


PLATINUM 60 My os. $/troy os 


. High 

562.fi 567X 

57X1 - — 

Jen 575.1 573.fi . 679X 

April 5B3X 68X6 588.0 

July 6B2X 69IX 6S0X 

50X2 '600.9 fiOfiX 

611.7 MU 611-5 


864.9 
571 X 
675.1 



Low 

17X5 

171.3 


16X0 

161-3 

1BXG 

160.0 


1»J0 

167X 

16X5 

165.0 

16X0 

16X0 


108.6 

165.0 
164J5 

164.0 

183.0 

163.0 
16X0 


16.67 

17.01 

17.18 

17X3 

17.75 

18.00 

18X0 

1X08 

18.12 

1X35 


Hfob 

1X90 


17X8 

17X2 

16.10 


18X0 

1X15 

18X0 


Low 

16.68 

17.06 

17X5 

17.63 

17.90 

18.10 

18.05 


18.90 


.2 

e 


500.0 

573X 


591.0 


Mgh Low 

299.0 28X2 

3074 300.0 

301.0 29X0 
28X4 * 277.4 

264.4 238*0 — ' — 

PRTOS: Chicago loose l«vd 15.00 
cent* per pouncf. Handy and 
Harnhi sliver bcKiort 751 X (759.0) 
cantrtpfr troy ounce. New York tin 
315-3lt (316-317) cents per pound. 


OIL 


Sales : 3.631 (3.673) lots of 5 umnw. 
ICO Indicator prices (US cents per 


l?Sf^ 



OF ALL the proposals so far 
put forward by the Commission 
for controlling the costs of tbe 
Common Agricultural Policy, 
that for oils and fats is the 
most controversial. 

So deeply divided were the 
Community's farm ministers 
when they discussed the issue 
last summer that the proposals 
went to the heads of govern- 
ment. But despite detailed 
debate and no fewer than four 
interventions from Mrs 
Margaret Thatcher, the British 
prime Minister, who refused to 
have anything to do with what 
has become known as the oils 
and fats tax, even the summit 
failed to resolve the differences. 

At the 5ummiL the Commis- 
sion agreed to study the issues 
further and report later this 
month. But the betting in 
Brussels is that the proposals 
will remain on the table virtu- 
ally unchanged, a certain focus 
of controversy when the farm 
ministers resume negotiations 
on the Commission's proposals 
as a whole in three weeks' time. 

The oils and fats sector pre- 
sents a superficially similar 
picture to the other major com- 
modities supported through the 
CAP. As the graph shows, pro- 
duction of the main oilseeds— 
rape, sunflower and soya — have 
increased markedly, as have 
costs. 

The regime cost Ecu l.Tbn in 
1984. Ecu 2.9bn in 1986 while 
this year, even with quite sub- 
stantial cuts in subsidies, esti- 
mates are for Ecu 4bn. The 
sector is the third most costly 
to support after milk and 
cereals. 

That is bod enough to war- 
rant action, the Commission 
believes, but a worse worry 
looms. Spain, in particular is a 
large producer of oilseeds and 
fats — notably olive oil— 
though sunflower seed produc- 
tion, at just under lm tonnes, 
is increasing. When Spain and 
Portugal are fully integrated 
into the CAP support systems 
in 1991. the cost of the oils and 
fats sector could bo more than 
Ecu 6bn. 

The support system for oil- 
seeds, which began in 19fifi, 
differs from those governing 
mift, beef or cereals in not 
relying on heavy import tariffs 
to protect a high price to the 
producer. In the 1960s the EC 
imported most of its oilseed 
requirements, so tariffs were 
left at ero or verv low levels. 

They remain there today, 
though the EC Is now self-suffi- 
cient in sunflower oil and pro- 
duce 19 per cent more rape and 
17 per cent more olive oi! than 
It needs, leaving only soya as a 


major import, mainly from the 
US. 

This means that tbe EC pro- 
ducer is subsidised by so-called 
deficiency payments or producer 
aids, which make up the gap 
between the world price and an 
EC target price. The payment 
is actually made to the oilseed 
crusher, but the effect is to 
subsidise tbe producer. 

The consumer gets the benefit 
of cheaper prices but the EC 
budget suffers. Payment is made 


The tax would roughly double 
the present price of refined oil, 
and would, toe Commission 
estimates, raise an extra Ecu 2bn 
in revenue. As well as helping 
to pay for the regime now, this 
could ease the problems of the 
extra payments needed later for 
Spanish oils. 

The Commission insists that 
its tax (which it calls a stabili- 
sation mechanism) must be seen 
as an essential complement to a 
package of measures, the first 



In the third article or our 
series on European Commis- 
sion plans to cut the spiral- 
ling cost of EC farm policies, 
BRIDGET BLOOM looks at 
toe oils and fats sector, 
where the proposed new tax 
has deeply divided member 
states. 


on every tonne produced, and 
with current low world prices, 
the payments are correspond- 
ingly high. 

Olive oil has a different and 
more complicated support sys- 
tem involving tariff protection, 
buying-in to intervention stores, 
export refunds and a form of 
deficiency payment. Production 
trends are relatively stable, 
averaging l-4m tonnes a year, 
but the Commission estimates 
that the cost of extending the 
regime to Spain without 
changes could cost an extra 
Ecu Ubn a year. 

The nature of the support 
system for oilseeds is an import- 
ant key to understanding the 
Commission's concern at the 
likely impact of a continued rise 
in production, as well as the 
methods it has chosen to try to 
reduce the cost of the regime 
to the budget. For with its pro- 
posal to introduce an oils and 
fats tax — in effect a tax of soma 
Ecu 370 per tonne on vegetable 
and marine oils but not on 
animal fats— the Commission is 
attempting to shift the burden 
of paying for the subsidies on 
oil seed production to the 
consumer. 


Production off 
main oilseeds 

mBBom tomes 



1082/83 *87/88 

number of EC members 


stage of which was agreed last 
June and became effective from 
July 1. These include an overall 
3 per cent reduction in subsidy; 
an attempt to limit the buying 
of surpluses into intervention (a 
facility which appears on the 
verge of being used for the first 
time); and most Importantly, 
they establish a production 
threshold, which if exceeded, 
reduces the deficiency pay- 
ments. 

For rapeseed, for example, a 
production threshold of 3.5m 
tonnes has been set, although 
latest estimates suggest that 
production this year may be 
nearer 6m tonnes. For each 1 
per cent by which production 
exceeds the threshold, the pro- 
ducer support drops by an 
equivalent amount until a 
maximum of 10 per cent reduc- 
tion is reached. 

In Ecu terms, this means a 
20 per cent price reduction for 
the producer though with 
currency adjustments the effec- 
tive decrease is often smaller 
— 17 per cent for example in 
Britain. 

For next year, the Commis- 
sion has proposed (but minis- 
ters have not yet agreed) that 


tiie limit be increased to 15 per 
cent, then 20 per cent and 
finally abolished altogether. 

The proposed oils tax created 
a storm of protest for three 
principal reasons. First and 
most important, J>t ia seen by 
its opponents — most notably 
Germany, the Netherlands and 
the UK — as discriminating 
against soya imports from the 
US, and the palm oil of devel- 
oping countries like Malaysia 
and Indonesia. 

A trade war is feared just as 
there are moves within the Gatt 
(General Agreement on Tariffs 
and Trade) to try to free agri- 
cultural trade. The US has 
already let it be known that a 
"hit list" of EC todustrial 
exports could be drawn up for 
retaliatory discrimination. 

The tax is also criticised 
because it would mean dearer 
food — like margarine — 
which tends to be consumed by 
poorer people, and because U 
could distort competition 
between vegetable and marine 
oils, which would be subject to 
it, and animal fats like butter, 
which would not. 

Britain, which has proved its 
most vehement critic, also 
makes the broader point that 
the tax would be highly retro, 
gresslve. in that it would create 
new sources of income to sup- 
port agricultural production 
when what is needed is tough 
action to bring market forces 
to bear on the sector. 

Supporters of the tax, like 
France, tend to argue that it 
would reinforce tbe principle of 
Community preference and 
would raise much needed 
revenue for a budget under in- 
creasing pressure. The Com- 
mission argues that it would not 
be discriminatory because it 
would be applied on refined oil, 

and would thus affect the EC 
and non-EC suppliers equally. 

There has been much specu- 
lation on how the issue might 
be resolved, ranging from the 
suggestion that the Commission 
produced the proposal in the 
first Place to frighten ministers 
into action, and might be pre- 
pared to withdraw it in favour 
of a (so far unspecified) com- 
promise when the time comes, 
to the possibility that a key 
country like Germany might 
withdraw its opposition to the 
proposals, thus removing the 
possibility of a blocking 
minority when it comes to a 
vote. But so formidable is the 
ooposition, and so fundamental 
the differences that either of 
these solutions seems a long 
way off. 


I Unofficial + or 
aJosa (p.mj — 
I £ par tonno 


Cash 1352040 U +57.5 
5 month* J 3 520-5 | +50 


High/Low 


55 ZO 
3040/5009 


Official closing (evn): Cash 3.305-10 
(3,290-5): three months 3.300-5 (3,280* 
5); settlement 3J10 (3,285). Final hsrfr 
close: 3.340-5- Ring turnover 690 
tonnes. 


pound) for September 30 : Comp, daily 
1979 10X90 (104.52); 15-day avarafeo 
104.20 (104*53). 

COCOA 

Duo to open unchanged, futures In 
fact eased ovJcJrly to Me-of-con\nct 
lows before rallying lata In the day 
to cion on e steady note- Physical 
business wee restricted to light manu- 
facturer price-fixing with producers 
still withdrawn, reports Gill and Duffus. 


CRUDE OIL-FOB (6 par barrel) oot. 

Arab Light— 

Arab Heavy—- — ~.~.l 

Dubai 


SOY BEAN MEAL 

Reduc\j carry-over stocks in the US 
firmed Pees throughout the session 
with goot commericel buying against 
scale-up ^tian hedge sailing, reports 
Muirpsce. 


r l r 

.I0-T7.164j-O.08 

189-I8.64j-O.07 
.60- 19.66 — 

i = 


ostortTys) + ori Business 
close — t done 


ZINC 


High 
g ado 


Unofficial 


or 


[close (p.m.) — 
£ par tonne 


Cash ; 470-8 ; —3 

5 months t 475-4 , —2.75 


High/ Low 


Deo--.-< 
Maroh, — .. 

May 

July — ■■■— 


|474f472 


Dec 

IHaralu-. 


(Yesterday 0 a{ 
doee 

+ or! 

n 1 

£ per tonne 

1 

■ 

1103-1194 

1228-1226 

1246-1247 

1269-1270 

1B67-12BO 

1307-1312 

1554-1335 

+6.5 
+7.0 1 
+6.5 ; 
+ 10 jd 
+ 6.B] 
.5.0 | 


1 TOT- 1170 
1228-1200 
1247-1225 
1270-1245 
1285-1298 
1019-1290 
1005-1019 


Official closing (am): Cash 470-2 
(473-5); three months 473-3.6 (475-6): 
settlement 472 %476). Final kerb close; 
472-3- Ring turnover 6300 tonnes. US 
Prime Western: 43/43.75 cents per lb. 


LONDON METAL EXCHANGE 
TRADED OPTION 8 


9sloo+ 8.307 (9,034) lore of 10 

tonnes. 

ICCO indicator prices (SDRs per 

senna). Daily price for October i; 

149048 (1486.08): 10-day average for 

October 2s 


Brent Blend JlB.59-18. 

W.T.L flpm edt) — 419.60-lXtt 
Forcado* (Nigeria) 1 

UraJafcJf NWZ&, 

4 

PRODUCTS— North West Europe 
Prompt delivery df (6 per tonne) 

Premium gasolino...1 las-iaoi+s 

Gas Oil 1 260 - 168 * — 0.5 

Heavy fuel OIL. j 97-98 . — 

Naphtha -! 164-166) — 

* November 

Pecralaian Argue ema na tes 


SUGAR 

LONDON DAILY PRICE— Raw sugar 
SV5BM (£98.00). down 54.00 (doim 
£2.2D) a tonne for Qciobar-Novomba r 
delve ry. White sugar 5183.00. down 
53.00. 



£ 

If toiuu 
ijnsa.2 
1L6-10S.B 
lu-1063 


Dec. 

Feb 

April 

June. 

August 

October-.-. 


Sales: 198 (3b) lots of 20 tonesT 


+ 4w«dl38.0 
+3JV136JM0X5 
+5.15) — 

107.0 L+ 3.1B[lS6Jl-18U 

im a 4 a i im> 



1536.17 (1541.15). 


GRAINS 



i 

YestariTa 1 Previous 

But! non 


cloaa ] fltewa 

■ 

done 


8 par tonne 


i Strike 

: Price 

• 

Celts 

PUts 

jsitonno 

NOV. 

NOV. 

AJumln- 

i 1 

I = 


_ 

lum 


— 

99.7% 

i — 

— 

— 


LONDON GRAINS— Wheat: US dark 
northern spring no 2 14 per cant Oct 
95.25. Nov 96.50. US no 2 1 soft red 
winter Oct 93.00. Nov 85.75. Dec 97.25. 
French 11*j-12 per cent Oct 135.00 
sellers. English feed fab Jan/March 
11X50/113.00 buyor/seJJare, ApriJ/June 
116.00 buyar. Motes: US no 3 yellow/ 
French transhipment east coast Qrcr 
132.75 seller. Barley: English load Oct 
106.G0. Nov 108.00. Dec 110.50- sellers. 


No. 6 Raws 

Dec ...... 1 147.6-147^1 14M-146.ajl47.5.1<6 J* 



TURES 


— : dene 


W18U6-WLB 
■166b2S-194.ll 

10US-16U 


Turnover : 
tonnes. 


(5J16) loti of 100 


Mar 1 1S8.B-15&S! ms- raa.Ql 754. 8.754.0 

May 1 19X2-162.9) 1BJL2-1B&4UB2. 5-158.0 

Aug i 165.4-168.6k 164.0-164.4 — 

O0t.....~| 170.4-171.0) 171.0-171.4 189.9-168.0 

Doc 174.0-179.iq T72JM75.6 — 


; 1 Nov. Jan., Nov. Jan. 

- -- ■ - / * ■ • 

A I urn In- . — — ■ \ — » — 

ium i 1,725 [ — 87ls| — — 

99.6% : 1,000 | 471* — J — — 


WHEAT 

Yeot’dya 


Iff nth L oloee 


££ 


Copper | — I — — , — 

(Grade A) 1 1,800! — 7Hs — 
\ 1,B5Q i 4Q1« — — 

t£/tonfie| i 

(5n3a AjJ 1,120 j — 


SB j 25 


Mar. —| 107.90 
Jan. .J 109.60 
Mar.... 111.90 
May —| 114.35 

July.-; 115-12 
Sept— I 88-80 

Nov.J 101.60 


fYestWs j+ or 
oloae | — 


! +0.951 
+ O.B0J 
4 OAO> 
+ 1.00; 
tO.B5j 


102.00 

104*60 

106.60 

108.50 

B6.GO 

89.60 


+ 0.10 
+ 0.00 
+ O.BD 
+ 0J6 


No. 5 Whites 

194.0- 106.P19I.8-19U 

191.0- 181.8 189.B-199.4 

1».4 196.2 18B.B-185J0 
W.6-2OT.& 1*6.9 

M2.9-5W.7 206.0 

200.0- 207.0 204.0406.5 

M8-Ml2.0t2O8.Q-f1 ljl 


Physical Inquire' eaoouraged 
flterfcat to firm anf eefi m were f 
becking a way. Tbi OR was roil 
POinta to 1.052* but 4aa atHi 
below the futures nice. The 
ended firm at he highs. 
Clarkson WoNf. ‘ 


Mar- 

May- 

Axig... 

Oot.-. 

Deo... 

Mar... 


; 184,9-1 BU 
191.5-189.0 
18U-1BU 

I -6-188.8 
j 203.8 


B Otooe I Hgti/Low | Prev. 


Dry large 


TIN 

KUALA LUMPUR TIN MARKET; Close 
16.9S (18.96) ringgit par kg. Down 
0.01 ringgit per kg. 


GOLD 


GOLD BULLION iflna ounce) Oat. X 
CIO*. 

Opening ... 04 35-455 la 
M*n f g fltf 8434. IQ 
Aft'n’nfhC 8454.90 

Dor* high S455-455ig 
Day's low N6344A4 


179.446) 
(£280.802) 


GOLD AND PLATINUM COINS 


Am Eag 1 0.9467 is-4T2i| 
Mapl elect S467-470 
Kr 1 g'r l nd^S453-456ig 
H Krug. . 3241-240 
14 Krug.... El £5 1 26 

Angel 6464*67 

1/19 Angel948-63 
NOW Sov. 5107-108 
Old Gov... .91 07-108 Iff 
Noble Plot. 9883-592 


(£290-28214) 

(£288V2B01e) 

(£280-2684) 

(£149.1494) 

(£774-7141 

(£88648884) 

(£204-324) 

(£664-664) 

(£664-671 

€£5604-5681 


MEAT 

MEAT COMMISSION — Aversgo-fat- 
stoch pricaa as ropraaeniadva marfcais. 
CB— Canto 96>59p per kg Iw ( + 0.91). 
GB — Sheep 171.90o per kg eat dew 
(+19.05). GB— Pigs 77.35p per kg Iw 
( + 3.91). 

FUTURES— Pig a: Nov lOl.OD, 99199 15. 


HGGA — Locational ex-farm spot 
prices. F eed Ba r le y s S. East 100.70, 
W. Midi 100 . 000 . N. West loam The 
UK monetary coefficient for the wtek 

beginning Monday October 5 will 
remain unchanged. 

Business done— Wh ea t : Nov 107.90- 
7.15. Jen 109.GO8.Ba Merck 111-90- 
10.80. May 114,00-3.36. July llfi.ia 
5601 99.90-9 .00. Nov om bar untraded. 
Salaa : 480 Iota of 100 nmus. 

Bartey : Nov 103.00-2.95, 3a n 104.90- 
4.30. March 106.1a May 109^0-7.85, 
September and November untraBad. 
Sales : 73 kits of 100 tonnes. 

After dull airly trading and modest 
losses, wheat ravened Its trend and 
firmed on ahlpper speculation on 
restitutions end closed on a steady 
note. Barley generated a Unfa more 
Interest on the dose, pursy on a whnt 
barsy switch bub, reports T. G. 
Roddick. 

POTATOES 

The market wei quiet, locked In a 
narrow range for moat of the session 
before edging IQp up on the call to 
finish near the hlgba. reports Coley 
and Harper, ] 

jYoetorda r*n Previous IBualngab 
Month i dose i dose I demo ; 
^ ““ ““ ™ . 
£ par tama 


Sale,: No 6 3,196 (2.784) lots of SO 
tannn; No S 2.003 (823). 

Tata & Ljrle dalivaiy pries lor Qranu. 
latod baals sugar was £2Q2to (£205.001 
a tonne lor enpart. 

fnunutionffi Sugar AgraamanU.(US 

eant, par pound rob and stowed Ca ri b- 
S 8 * n P® 11 *); Mw lor Saptember 30: 

B.94 y (s53? 5-97 t9m ' 9): 1WflV aw,afl “ 

, tonne); Dee 

' & March 1,1601/1.170, May 

3*2^™' ^ Au ° wnm. o« 

1J2MSL2B2. Dk 1.267/1.280. 


Oct. 
Jen. . 
Apr. 
July 
Oot. 
Jan. 
April 1 
BFI. 

nai/iias 

1199/120C 

1265/123! 

1060/1101 

1172 

1180 

1500 

1052 

1 

» 1125/1 116i 
) 1200/1175! 

luu/iisi 

11009/1102 

11161/1164 

1199/1200 

2060/1060 

1172.6 

1170 

1256/1320 

1045 

r 

a 

S 

15). 


PHYSICALS Cl 

Spot 67.000 (67 
(«*-25p); Dm « 
Kuala Lumpur fab 
POr* cents per fee 
28M> (same); SM? 



NOV 

Fob. -.1 
Marsh 
Apr. — 
May 


63,00 02.00 B3.00 
93.30 02.80, - 

B6J90 1 86.80 - 

131.00 130.70 152.00-131.60 

146.00 143.60 146.00-144.30 


Salaa: 470 (822) lota of 40 tones. 


CHANNEL ISLANDS. 

The F in an ci al Times proposes to nuisnah 
a Survey oa the above on 

MONDAY DE CEMB ER 14 

Topic, pr.pond lor dlacueeloR include; 

THE ECONOMY 1 

finance industry 

jJJgrrM mOTECTtoN 

SSnSy 1 "™ 0 ’SSSS 

SMALLER ISLANDS TpUJIKM 

immigration KSXKfiT 1 ® 6 

boating archaeougy 

For a full material ayneetis and detail* 
atomianmantTSSfiSa 

BRIAN HERON on Ml-834 9381 

Alexandra BnUdings, Queen Street, HaMheot,^ 

Telex: C 66 S 13 


V 

\ 









4 ! 


Financial Times Friday October 2 1987 

CURRENCIES, MONEY & CAPITAL MARKETS 


FOREIGN EXCHANGES 

Dollar slightly firmer 

THs DOLLAR continued to show from FFr a. 1350. On Bank of Ens- 
* slightly firmer tendency yester- land figures, the dollars 
flajv Recent demand for Che US exchange rate Index rose to 102.4 
reflected some degree of from 102. 1. 
tech n i ca l requirement* st the Starlin g showed little chanro 
nmoth end and also a need to. buy until the late afternoon when it 
“EL? ***** to participate in lost ground. Earlier in the day it 
™ 1 Trearoiy refu nding prog- had been confined to a narrow 
“mine range because the dollar's steady 

Tne bearish undertone, based to firmer trend was countered by 
predo minan tly on the trade and continued resistance by the fi pnk 
budget deficits, was set aside at of England to anymore above the 
toast in the short-term, as specula- DM £00 level Consequently trad- 
tent attempted to esta hlish the log r emained within a narrow 
degree qf upside potential, follow- range until late In the afternoon 
“8 recent meetings between 67 when a large selling order out of 
and IMF officials. the US pushed the pound weaker 

Tltoae 6**® ™e to the possible to finish at DU £9875 down from 
«y of some arrangement to control DM £9975 and $L6170 compared 
currency fluctuations as part of a with $L625& It was also Tower 
m a n ag ed system much in line with against the yen at Y237.S0 from 
ute current system used in the Y238 and was quoted elsewhere at 
EUS* However analysts appeared SFr £49 from SFr 2.4050 and 
to be less than e n thusiastic, given FFr £94 against FFr9.9735. Its 
the reluctance by UK authorities exchange rate index closed at 
to enter sterling into the exchange 7£8> down Cram 73.0 at the opening 
rate mechanism of the £U& and 72.1 on Wednesday. 

However the dollar's short-term 
prospects remained good. There 

were fears that US interest rates D-MASK-Tradiag rage against 
would have to rise in order to **“ dollar in 1987 Is 19385 to 

EMS EUROPEAN CURRENCY 

pin the US unit 

News of a L7 per cent fell in US 
foctoiy goods orders was coun- 
tered to some extent by a US per 
c e n t rise lit construction spen~ 

The dollar closed at DM 19475 
against the Deutsche Mark up 
from DM 19435 on Wednesday and 
Y14690 against Y14&45L Else- 
where it finisbed -at SFr L539S 
from SFr L5340 and FFr 6.1473 


FINANCIAL FUTURES 


Gilts close near day’s low 


OKHL Asgnt swage 19573. 
Ririuagu ride index 1458 against 
1479 six asoatkfl age. 

There was no intervention by 
tiie Bundesbank at yesterday's fix- 
ing in Frankfort when the dollar 
was fixed at DML8442 from 
DM 19383 on Wednesday- 

Trading was rather quiet and, 
the dollar staved within a 
relatively narrow range. 

JAPANESE YEN- 
range against be dollar la 1987 is 
15995 to 13885. Aagast average 
14757. Exchange rale 
against 2178 six nntbs age. 

Profit taking left the di 
below its best level against the] 
yen in Tokyo yesterday bat it 
showed an improvement on over-| 
eight levels. 

The US unit closed at Y146/ 
down from a high of Y147.60 bul 
up from the New York close 
Y14&50 and Y146-35 in Tokyo 
Wednesday. Most trai 
expected the dollar to stay within] 
a fairly narrow range until 
release of trade figures later 
month. 


LONG TERM gilt futures closed 

near the lowest level of the day on 

the London International Finan- 
cial Futures Exchange. 

December gilts felltoa low or 
114-05, and closed at U4-Q7, after 
opening at 114-19. A steady 
performance by sterling in early 
foreign exchange trading pushed 
the contract up to a peak of 115-05. 
The contract was also supported 
by talk of increased Japanese and 
Middle Eastern demand for gilts, 
and suggestions that a large inter- 
national portfolio bad been- 
swltched into gilts from US Treas- 
ury bonds. 

US Treasury bond fixtures 
opened firmer ou Liffe at 82-00 for 
delivery, but this was 


almost at the day’s peak of 82-OL 
Prices fell in the afteraon as Chi- 
cago opened weaker, and Wednes- 
day's short covering rebound met 
profit mirin g. 

The contract tell to a low of 81- 
17, and closed at 81-29. compared 
with 81-12 on Wednesday. 

There was no reaction to news 
that US factory orders fell L7 per 
cent in August, the first drop since 
January. 

Sentiment was dampened by a 
lack of investor in t erest in US 

Treasury securities overnight in 
Tokyo. 

It was said that fears of a lower 
dollar, and higher US interest, 
rates, are causing Japanese inves- 
tors to lose patience with US Gov- 


ernment securities. This led to 
suggestions that Tokyo will not be 
interested in next week’s US 
Treasury note auctions. It was 
noted that Japanese investors 
were not keen to bay at Tuesday's 
two-year note sale. 

Japanese Government bond 
fhtares opened at 8850 for Decem- 
ber delivery on Liffe, after 
finishing at 96.60 in Tokyo. The 
contract fell to a low of 96.00, 
before closing at the day's high of 
9640. 

In Tokyo yen bond fixtures 
closed slightly easier at 8660, 
against 9680 previously, alter a 
volatile day in thin finding, as 
speculation increased about a 
rise in the Bank of Japan’s dis- 
count rate. 






r.'li',.^ 1'J^I. 1 

1 

i' . -i.: 

i j ^ , ■ 

Sate 

Cals— uri 

Pris— 


Strike 

nni t m 

PMC- 

— 1 Ad 

Striae 

Cans 

l wo 


Lari 

Price 

Dec 

Mach 

Dec 

Mach 

Price 

Dec 

Hath 

Dec 

Mach 

meg 

Ocl 

Nov. 

Ocl 

Hmu 

i l i 

mi'* 


'In N>4 ;?ki 

1 'Vff 

76 

6J02 

542 

046 

048 

22750 

1657 

17.74 

047 

154 

106 

017 

831 

OJB 

[XiR 

78 

424 

443 

038 

149 

23000 

102 

1544 

062 

EZilJ 

108 

624 

7X39 

Mil 

053 

80 

256 

3X30 



B'X 

1247 

1345 

0.97 

265 


442 

541 

028 

121 

82 

140 

fjrr] 

134 

509 

23800 

1047 

12X18 

147 

348 

112 

Ml I i -1 

421 

03B 

r J * > Wm 

84 


Im 

^■TTiTw 

427 

23750 

843 

1H45 

243 

425 

114 

135 

344 


25B 

86 

024 

053 

448 

539 


639 

8L9S 

2.99 

525 

116 

LOO 

wmb 'M 

m* 'WM 

^ t j i am 

88 

WSMm 

03Z 

624 

737 

24250 

525 

740 

445 

640 

118 

03 

139 

447 

549 

90 

rr~m. 



923 

24500 

P£r< j. j 

639 

543 

769 

rHiuMarf 

narer total Cafe L623 Puts 1333 

Eaunated « 

Mane tataL Mb 80 Puts 110 

Estimated i 

ntame ttfe. Mb U Pub 0 



PiwIob dqft open ha: Crib 27,245 Poe 14926 Ih w ton toft opn be Crib 1/W6 Pub 796 PicoIoh toft open tab Cafe 66 Pan SB 



Em 

cetesal 

CUTtlQf 
mounts 
agrinst Eat 
Ocl 1 

% change 
from 

% dtanpe 

Dfrergenor 
Rmk % 

Betefei Franc — 

42.4582 

434206 

+136 

+084 

±13344 

Danish Krone 

735212 

7.98513 

+139 

+097 

±16404 ' 

German D-Marir 

2X35653 

2X17757 

+0.92 

+020 

± 3-0981 

French free . . 

6.90403 

691733 

+049 

-033 

±13674 

DotcfaGaUder 

231943 

243756 

+0.78 

+006 

* 1 OTJ 

Irish Punt 

0.768411 

0.774815 

+083 

+021 

±16684 

hritenllra 

1*48338 

1,99690 

+L04 

+066 

±4X1752 , 


pw*W 


umbos sc a$ omens 
(emu per £2) 


Price 

OM. 

Nw. 

Dec. 

Mu. 

OcL 

Nov. 

Dec. 

fthr. 

145 

1640 

1640 

1670 

3670 

600 

OOO 

oxn 

046 

130 


1170 

1140 

1140 

OOO 

082 

008 

059 

135 

640 

670 

670 

698 

002 

030 

035 

163 


mSxM 

240 

285 

3.95 

CUB 

166 

2X8 

360 


Uj 

058 

092 

L94 

433 

484 

545 

659 


■' y "l 

HUB 

020 

083 

92B 

934 

943 

10.48 

145 

000 

04)1 

0X8 

030 

14 7ft 

1487 

1426 

14l95 


an for Ecu, teerefnre posttve 
* 


Piivtoui dvs Open InL Gafts 


ft. Pw C 

no 


£ IN NEW YORK 


mejoclmu se u$ aroms 

m £ 1 } 


Ocl Km. Dot Mar. Ocl Hem. 
145 — — 1240 — — — 

150 32J0 1270 12.70 1230 030 030 

155 7.70 7 JO 7.70 7.95 030 040 

150 2_70 335 340 450 055 UD 

165 050 040 130 230 360 3L75 

170 030 040 055 125 7J5 UO 

1.75 — — 120 UO — — 

Previous day's open InL Crib 982 Pits 129 
Votaac: 23 

UFR-CVmflUAS OPTMKB 


UO — 
030 OJO 
050 UO 
265 320 

430 5.95 


1630 1750 


Ocl 1 


Prejtas 

£Spot 



1 month 

iar::vn 

033031pm 

Smooths __ 


084081pm 



285235pm 


U-S. doftar, 



OcL 1 - 

Previous 

630 an 

73J) 

734 

9J00 am , — 

738 

734 

2060 am 

738 

734 

UjOO mn 

738 

734 

Moon 

738 

734 

LOO pm 

l^w f - ' * ftHi 

734 

280 pm 


734 

3X30 pm 

IIB'/.t >Wi8 

734 

430 pm 

728 

734 


OeLI 

aprrad 

M IHIJU 

(tee month 

% 

Three 

% 

P*. 

US 

1 

16265-16175 

035-042 c pm 


OSK-O.77 pm 

L95 

tMtah .. .. 


9Tflfnj inon 

■ L 'l ri a 

■ il l 

029018 m 


Netherlands • 

lilgl in 

335V337 

6L76-6230 

335^-336^2 

6L95-62XS 

1 * 2 - 1 L c pm 

9LU e ran 

691 

4X16 

W pm 

461 

1JU 

Dewmrfc _ 

1164^-1131)2 

118712-1188^ 

■to ■ 

-026 

VPm 


hretaiid 

14130-14166 

U130OJU0 

0460100 pm 

■53 

ii.ii.n 


Ilf Cmihh 
bUiuwq . 


2.98^-2.99^ 

VrV,vf P« 

6JD3 

4V4ifl pm 

569 

Poriupi 



665 c (fis 

-LB2 

129425 4s 

-338 

Spate , - , 

197.93-19680 


24-42 c dh 

—280 

150-186 «s 

-339 

flab 

2147^2-2X62^ 

2254^-2155^ 

1-4 ire db 

—139 

8-13 db 

— 1.95 

Norasy i— ■ ■ ■ 

lOJKfe-26933* 

108912-1690X2 

3V3U are db 

-366 


-335 

Frame — r - 

9.916-9.97^ 

9L93ML 1 9*2 

?rtft c pn 

234 

5V4*| |mi 

L94 

Sweden 

VMM4XM8U 

1045-1046 

lMa art pm 

ms-i 

ZVlli JM 

069 

Japan - ,, 

237-238% 

237-238 

IWiJI" 

■n 

3V3i, fm 

537 

Austria 

20962186 

2D.9C-Z0.97 

11-9V urn pm 

5.99 

3OV20Xj pm 

567 



w 'w.r - ^ 

VrlUctm 

6*3 

3tr3htm 

532 


State 

Price 

Ocl 

Cals 

Kohl 

Dec 

Ifer. 

1375 

445 

045 ‘ 

435 

530 


240 

245 

275 

330 






1660 

085 

040 

oao 


1675 

— 

■ <TT7m J ’ 

<T '>■ 



_ 


i s l m 


1725 

— 


■ li m 

045 


030 026 250 

055 155 355 

255 225 425 

3J0 425 550 


int Crib 109537 Pots 114277 
Crib 1,574 Pitt 506 


LONDON 


— 

rntc 

Dec. 

Mar. 

Jim. 

Sftri. 

Dec. 

Mar. 

Jot 

oS 


099 

007 

036 

090 

006 

028 

054 

9075 


071 

071 

076 

008 

B ' V 'B 

OlM 

090 

9100 

038 


058 

064 

044 

047 

076 

103 

9125 

041 

043 

047 

033 

022 


090 

2-17 

9130 

026 


037 

043 

E* V ’ 8 

073 

185 

132 

9L75 


1**1 

m i v. . ■ 


047 

089 

121 


9280 089 026 021 — 066 

Pretem M open lac Crib 11JL Pub 1524 
Estimated Y<± Crib 320 PM* 133. 


139 

' 


CHICAGO 






row D TOT wOHlIU UUi 

c pm. 12-month 


Rnaodri franc 6220-6230. Ste-math forward dote 


HSgb Low Pm. 

11407 11555 11455 11421 
1WJ0 — — 11424 

ofene 32*462 (29680) 
open int 26,661 C202S3) 


225230c pot. 


DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


fi% NOmUL LOfffi TOM JAPMESC 
YlOOm 168tht of 100% 


El 

Bmk 

rate 

% 

Spedri 

(teria 

Eaiepean 

0 o3T 3F ' 

Sterfiog 

_ 

079677 

r.^-?an 

IL&Dfer^ 

53 

L2764 

U2697 

CanidteaS ~ 

175 

m 

1.48557 


4 

163659 

146190 


7V 

Wk 

ia. v * r. i .Wa 

DtoAKtow. 

7 

#■ 

7.98513 

Dortsdte KdH 

3 

23639 

287757 

Nath. Gadder. 


Wk 

:r.W 

Frenri Franc. . 


1IE A i t-r^E 

691733 

ttateaUra _ 

12 

Wk 

2496.98 

Japanese Yo . 


18763 

360292 


41. 


73BB44- 

8". 11 



137328 

Snmtea. 

7h 

— 

737402 

Swbs/ranc. 

IS, 


^U73IM 

OtdcQwk.. 

20*2 


158.90 

Irish Pw 


- » *. 

■ r - ■ - 

l ,v f L W 


QcL 1 

toy’s 

spread 

j 

1 

i 

% 

pn. 

Tim 

means 

% 

PUL 

mt 

16125-16260 

16Z65-16Z75 

aasAfe par 

249 

Q32-0L77ten 


Iretearif 

14505-16565 

IL IT 1 

0J2-O87C pm 

078 

OS24L20pm 



i twvw-i mm 

13060-13070 

BU 

-170 

040051 db 


Nethvrtaadi . 

28700-28790 

28780*8790 

1 047844c pel 

261 

L38-133pm 

261 

DapDin m— 

38393835 

38303840 

Hrfje pm 

137 

I8^17pn 

136 

Denmark _ 

787V730U 


I 77 TT1 

-144 

190260 db 

-127 

W.tamaw. 

.!■ '?* 1 -i 


Q394L56pf pm 

3.74 

171-X66pm 

366 

tateQri 

Bft 1f r ^1 

145W4SV 

2565c db 


140-190 efts 

—435 

s(«™ — — 


12265-122J5 

lMScdb 

— Z45 

120160 ds 

*435 

Ihte 

13274333V 

1 Lt.v^ p l 

V r: t a 

-361 

1280-1430rib 

—3.99 

Pkiwijy 

6.72-6J4V 

6J3Vfc.7«. 

Li'--? f • 

-Oil 

8.90-9 JOMi 

-541 


6J2V615V 

6J.4b6J5 





fradn 

644Mw46V 



—L39 

285245 db 

-139 


346l20-147J0 


045042y.|an 

336 

127-122 dd 

339 ’ 

AuState— 



3L90-330^i> pm 

342 


362 





434 

USD-lASm! 

334 


HI* 

9650 9650 9650 

96J0 9655 9645 

Wm 550 (638) 
tbf'i open fait. 850 (953) 


PltT. 

972b 

9664 


SUM*! 

ftedi of 100% 



Dot 

Luct 

8122 

Mgh 

8288 

Lot 

BUT 

B • < trs. 

Mar. 

B-’>V.,B 


B : 'IT-*- fl 

^ _ * Itj : 

Jae 

b 'Tn m 

8017 

7930 

■ T, 

Sept 

7989 

79 J4 

7988 

79 J1 

Dec. 


— 


7832 

BNp* 

OTTTiTM 

7884 

EH 


June 

_ 


— 

77 JB 

Seri 


— 

— 

7783 

Dec. 

__ 


— 

7021 

Mar. 



7687 

■3T1 



_ 

— 

7028 


f r. ■ V ^ 


Hi* 

Lot 

Pm. 

■ 1 T 5 : v 3 

06674 

06844 

06874 


06925 

Esa 

06933 

Jane 06966 


06966 

06999 

Sep. — 

— » 

— 

07065 

DOT 07115 


07115 

07X35 


, D EUT S CHE UMDfJOHf) 

flM U SyBHIp— 


0L& TSEiSHKV MILS (Iftffi) 
^ 1 00% 


Close 

HU 

Lot 

Prcv. 

6935 

8966 

8935 

8963 

B963 

89.74 

8963 

89.71 

8966 

89.76 

8868 

89 J3 


mmn 

■H 

8961 

8049 

— 

— 

8930 


HH6 
92.72 92.74 

— 9237 

9250 9259 


— — — 9U3 

. . 9T. f9 




Ktjb 

Low 

Pm 

DOT 

03458 

03468 

05455 

03450 

Mar. 

03505 

05513 

ftWK 

05505 

June 

_ 

■ — 


03559 

sot 




03614 

Dot 

— 

— 

— 

03654 

i 

a g 

i 

i 



ARE YOU 

CONCERNED ABOUT 
THE PERFORMANCE 

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A PERSONAL SERVICE FROM A PRIVATE COMPANY 


Fora free explanatory booklet about futures and 
traded options please call us on 01-623 1878,orfifl 
in and return the coupon below. 


PETTBfS! GOUT) 

(An Associate Company of Jackson Son ft Go (London) Ltd est. I860). 

Dunster House. Mark Lane. London EC3R 7AR 

TELEPHONE: 01-623 1878 


9258 9257 


Mar. 


Unlum 4590 0*951) 
day's open let 14951 06415) 


f ■ 

M9h 

Lot 

Pm 

9142 

M , 1 r vw 

CJ 

9140 


re/i I > - m 

El-1 

9102 



9077 

9074 


9039 

9036 

K- jL\] 

wV'i^r ■* 

9041 

9038 

9037 

H'i m 

9026 

9024 


f'.l vW 

m vW 

90J2 

K' 4 


P«T7tm 


88.97 


SWISS FRANC (WM) 
SFr 12S5M $ pcH 


FT4C3M 


*CVSM Me lor SepL 30: 157315 


f UKihd betapd are wood If US omnqr. Rmed premterasnnd 

Beya irie b for camriUc ftmcb FMcU 


CURRENCY MOVEMBIIS 


EURO-CURRENCY WIEREST RATES 


MM 

2W0 24450 24330 2)4230 


1«436 0348) 

ML 4091 (7*5671 


KM Lot Free. 
06657 06573 06554 06558 
06619 06632 06614 06620 
06684 04702 06684 06685 


High Lot Pm. 

TMK PfciW 325.95 


Please forward your free booklet on futures and traded options 
| and keep me updated with market news by telephone or post. 

I 

1 NAME (in fuB)l 

I Mi/Mrs/Miss/Ms 

| ADDRESS 

I 

I 

,1 


POSTCODE 


| 

I 

mu. | 

EG OBEX'S PMCESAPKAR S^ 1 afPa §0 42 


| TEL: (Office) 
| (Home) 


OeL 1 

Eratami 

luW 

faaS 

Changer % 

tWiiMiui 

KLlfiate 

723 

Wk 

m 

1024 


793 

1366 

994 

m 

m 

to 

Oarisb Khme — 


iff 

Omcsdie Marie 

Swiss Franc 


m 

m 



HP 

(LhA — 

711 

m 

Un . . . 

<71 

to 

Yen 

2102 

SI 


Morgan Guaranty cbMOT 
1962 “loo. Bank at E ngl a n d 1 
1975*1001. 


OTHER CURRENCIES 


1480- 


Ocl 1 

IS 

7 Itof* 
mUcr 

Ore 

Month 

’ Tim 
Months' 

She 

Monltn 

One 

Year 

Stetfeg 


10A-10jt 

Ida-10^ 

lOft-iw, 

10JMDB 

IOVKP 2 

U3. Dofer ^ 


7i-7ft 

73-7A 

8V«>a 

8A-BA 

83-8B 

Can. Dofer 



VA-BB 

9iJ9A 

ioi-va 

10*rl<Pi . 

UGafider 


5-4* 


■ 5V5>8 


5B-5ft , 

4V4U | 

§&■- Franc 


2V1V 

3A-3A 


*i_ ii- 

”TJ »TI 

Demschmvh 

3i3-3fi 

33-3^ 


to. Al- 
•J * B 

Att 


fr. Franc — — 

7%-7Ja 

7tt-7A 

7B-7B 

8&4A 

8 s r®* 

9^9 

KafenUre 

UVff4 

UVWk 


12^32 

12V12% 

12VK2^ . 

B. Fr, (FiaJ 

UL+i. 

«- fct 

6>rM. 


7A*a 

74-7A , 

B. Fr. (CanJ _ 

tw 


ra. n. 


7A-6H 

7V7 

Yen 


U-3il 

4V4I* 

A8-A3 

5i-43 

5V5>« 

OKrime 



iw 


10 

m r < jv >.WI 

AdaiWng . . 

7A-7i 

7A-74 

7B-7A 

Ol-to- 

8i-sa 

BW 

teftianBwddtaKlteyniWWtP 

crefethne 

ream 9V-9 >b per cmC fanr yr 

smslO-9V per 


Um printrof 100% 


HWi 

Lot 

Pm. 

9146 

9140 

9139 

9110 

9U4 



9073 

90.74 

•* i7>, b 

9059 


— 

—i 

9036 




— 

— 

9009 


Mkm 5.U2 (7,8159 
m sfs open tat 29413 (294 » 


8% 


M A-*a 


n caK fir US Defers and 


Y «* | Mm 




High lot Free. 

82-01 81-17 SU2 

— — 80-16 


$ WORLD VALUE OF THE DOLLAR HI 

BANK OF AMERICA GLOBAL TRADING ECONOMICS DEPT- LONDON ***«■ 


'The table below gives the rates of 
middle votes between _ 

one ILS. dollar except In certain specified areas. " AS rates quoted an ind icati ve. They an ast based on, aad me not infroilr rt to be used as a basis for, 


Baak of America MT a SA does eat undertake to trade in to listed foreign currencies, and ranter Bank of America HT a SA aor the FtnraW Tfaues 


OCL 1 

£ 

S 




Awrato — 



BftzB 

r-v*.? 


Finland 

73745-73855 


C—ra 


139.95-14235 

iWot| ^iHIB a 


7-9075-73200 

&raw 

11730* 

7150* 

KortafSch) . 


R • 1 I 

Kuwait 




■ k f 1 - mi 


Mrimsta — 

4309043190 












:V -'B 

Wi>> r!Aj, r L;'iH 

S. ALCCm) . 


Ili-.Al/.-'.ll 

S.Af.CFa>- 




OT 


UJLE. 

545854.9640 

56725-36735 


ErifaMcd Vbfcm M37 (7*53) 
irion dqft wo to. fcffS Cfc47W 

CURRENCY FUTURES 


OO. 1 

£ 

MM 

Cl 

Yen 


S Fr. 


Lira 

m 

B Fr. 

£ 

wm 

1617 

2.988 

2373 

9.940 

2490 

5360 

Z155L 

2109 

6200 

S 

W'wm 

1 

1648 

146.9 

6348 

1540 

2X179 

■raw 


3835 

DM 

[ 0335 

0341 

L 

7930 

3327 : 


1325 

[tils 


2175 

YEN 

j 4711 

6608 

3238 


4165 

1048 

1435 


E23 

2613 

wrm 

ra 

1627 

3606 

2309 

IO 

2305 

3380 

ZUB. 

FFvl 

6237 

Ua 

I‘tv4 

0649 


9038 

3.992 

1 

1349 

8663 


24.90 

H FL 

fEl 

0481 

0689 

7068 

2.968 


1 

6414 

naan 

1845 

Lira 

rrei 

i'»^l 



4613 

1355 

1559 

* Tm -^ 


28.77 

C S 

R51 

0767 

1417 

1126 

4J14 

1 ifti 

1394 


rm 

2940 

8 fr- 

I 1613 I 

2608 

4619 

3833 



5419 


Ix-J 

ZOO 


IA170 


1-Mth. 3-mtb. fr-mth. 12-vtfc. 
1*137 1*091 1*025 15955 


(IHI — STERLMS Sa ym £ 


Wdl 

1*1.10 1*170 1.61Q5 1*175 
UOU 1*100 1*040 1*105 
i u yjff __ 


UFFE-STBRUK £25*00 S *w £ 






70 1*136 1*206 


Va per 1000: Freocti Fr per 10: Lira per 1000: Belgian Fr per 100. 


Mtone 13 (2) 

to 369 067) 


assume responsibility for er r or s. 

Bank of America Global Trat&ng, London, 

New York. Tokyo. San Frandsco, Los Angeles, Toronto. 

24-bours a day trading capability. 

Enquiries: 01-634 43605. Dealing: 01-236 9861. 


ECU SI-13073 SDML-$USL28004 
As of September 30, at UjOO am. 

IIKM1IZU 

Eurodollar Ubor 8*s 

B& 


uionais 

8h 

8& 


COUNTRY 


CURRENCY 


{ 


Afghari (ol 

Uk 

Dinm 

French Franc 


Caribbean $ 


E. 
Austral 
Floria 
Dollar 
SdsMtog 




MONEY MARKETS 


little change in 
London rates 


ft LONDON INTERBANK FIXING 


rEREST RATES 

&dy oq the London money mar- 
, yesterday, with three-month 
erbaok unchanged at 10A-10£ 
r. cent 

vading was quiet, and call 
ney fell to around 9 per cent 
m lOtt per cent after it was 
lonnced that credit conditions 
re comfortable. . _ . 

be Bank of England izutialiy 
ecast a fiat position on the Lon- 
l money market, which came as 
tuprise to most dealers. 

[oney Market Services bad 
a shortage of £250m to 1 


In Paris the Rank of France sold 
FFr4Jbn in Treasury tap stock at 
its monthly tender, when it 
offered for sale two fixed rate 
Government bond Issues and one 
variable rate stock 


OlOO ajn. OcL 1) 3 months U3. dofera 

6 months U3. Atari 

bM 6>e 1 ofler BV> 

bMB& | oihrU 

The fialna rates are tim arithmetic means, tramdad to the nearest not fehanfc of the bM and 
offered rams for SlOm cpmtcd by tire market to fte reference banks at. UOOajnt. each woridng dpy. 
The bvria are National Westminster Baric, Baric of Takyp, Deutvhe Btete Banque Mattenria dc 
Parts aad Morgan Guaranty TrnsL 

MONEY RATES 

1 


(L iflieh t h nc) 

Mac ra te 

Broker Inn fee •*» 


One 


gan|c of England did not 
•ate in the market during the 

VS clearing hank base 
feuding rate IB per cent 
pine* August 7 

rung, in the Afternoon the 
oritiea revised their estimate 
ie credit position to a surplus 
LOObl 

the afternoon the central 
£ sold £100m Treasury bills 
i 1 ting today, at SftWHb per^ 

11s maturing is official hands, 
tyjaeat of late assistance, and 
ake-up of Treasury bills 
oed £864m, with a rise in the 
circulation absorbing £45nx, 
bank balances below target 
x. These outweighed Exche- 
- transactions adding £7B0m to 


allocated 
FFr LOSbn In the longest 8L5 per 
cent 2012 issue, at a minimum 
accepted price of 77.0. and an. 
avenge accepted level of 77.07, to 
give a yield of 1L27 per cent 

Xn Frankfort call money fell to 
&80 per cent, from around 4J5 to 
&50 per cent on Wednesday, as the* 
money market recovered from end 1 
of month liqnidily shortages. The. 
rate is expected to continue to 
ease, down to around 3.65 to 3.75 
per cent, titkugb the general 
level is likely to depend on the 
terms of next week's securities 
repurchase agreement 

Ttantat held DM 42bn in mini- 
mum reserve requirements at the 
West German Bundesbank on 
Tuesday, down from DM48J)bn on 
Monday, but - this was mainly 
because of pension payments, and 
these fends were expected to flow 
back in the banking system: 

yesterday. 

During the first 29 days of the 
September banks min imum , 
reserve _ levels averagedi 
DM 52.4bn i compared with the 
Bundesbank’s minimum require- 
ment for the month of an average 
DM S&lbn. 


_ {R( Three **■#> 

m. Sti SknMk ™ 
_ 7H OMiew — 


7J5 swum 
7*7 Uw_ 


B*7 

<UB 


M9 

9*4 


October 1 


Psrt 


Trigs 


Overririd 

■-I— — — 

OM 

ttorih 

Tpo 

Months 

! Tim 
Matte 

> 

Mflrite 

IrierecriioB 

175-3*5 

9.W-AXB 

3.904X8 

440435 

4^S4*0 

M 

’415 


7JKS 



5 

8 & 



sw 

3306S 

— 

— 

uvu% 


— 

22^13 



us 

frVffz 

«v« 

8VV 

«W 

9r*t 

— 


LONDON MONEY RATES 


LooItttfiiQfDeps. 



Troani Bttts (Bqf) 


Rn Track BSb (Buy) 
anhrfflc 


BCULUulOfeAt 


nfoat 


UPr9 

3U* 

ojb 


7 fe|S 


VH 

n 


UMD 

u 

s 

7^*0 






are 

m 

» 

9k 

IDA 

un* 

n 

10b 


9> 


X02-U& 

JCMfiSa 

IP. 

u& 

R 

S. 


7V7 

7V7J* 


Om 

Year 


lOVlOb 

10fi 

10k 

iff. 

m 




7S 


Tmwy Bilb (driD; MHDoril ^ p«r eo^ femfe 9* Ptf CM; Bra* Blfe frefn: _ 
UM)|9S perfiMU om Morafe 9K per ««; Tmaxy Amgi tauter me of cflscouni 
9L77Z7 pjc* ECGD Ftoccd RM Surtlng Emn Ftancc. Write op diy teptantwr 30L 1987. Aoraad 
ntts fv period Oaoter 26 tt Novertwr 24 19» f Sctam li iUA2 Sdmes II & III: U.47 

PA. Mumn n to for ptriod AugiaL 29 to September 30, 1987, Scberae IV: UL219px. Local 
Authority aad Ftnaaoe Houses im dais' notice otters seven rigs' fixed. Fbnu Houses Bose 
Raw 10*2 PWCBBi from October JL 1987; Bonk Deposit Rates for sums at seven days' notice 3-3h 
aorcmL Certificates of T*x Deposit (Series 6>; Poporit £100 , 000 aad over-held under owe mouth 8 
per cent; aoe-diree months ft* per cad; thrmhc monte 10 per cent; riMhw months 1(M| per 
cent; obwl2 m onths 10^g per ant; Under dO dfiM 8 per cm ten Sepftutecr 15, Depnts 
ucCUxhnm lor cash 5 per tnl 



Bolhrta 


Brunei 


/Boffvfano (o> 
iBdMano (!) 
Fife 

Cruzado Cd> 
Dollar 
Lew 

CJJL Franc 
Kym. 

Franc 

C-F-A- Franc 
Dollar 

iCOfttiy Isttwfc Spanish Peseta 


ICOTitrpM Rp. 


Central Africa Rep. 


Dollar 

CJ A Franc 
C.FJL Free 

£Nte Peso ( 0 ) 

OriBB Re nm in bi Ytan 

Peso Co) 

C-F-A. Franc 
•Congo People's Rep. of - CJFJL Franc 

Colon 

C-F.A. Franc 


iComoros. 


DfeoutlRop-of 
PfwWn 


Found* 

Kbnna Co) 

Krone 

Franc 

£. Caribbean % 


DonMeaRtfriillc 


End 


Efep h 


(d) 
Sum If) 
Pound ua 
Pound (d) 
Cotoa Co) 
Colon (d> 
C.FJL Franc 
Birr (0) 



Ffeoc* — 

French In Africa _ 
French dfena___ 

French PacWcbMofe^. 


Pound* 
Dollar Cl> 
Martin 


( Ceimai y (East) 
riimnj fWrr) 
Ghana 


C-FJL Fox 
Franc 

C.F-P. Franc 

C-FJL Franc 
Dabd 
Octmark to) 


Cod 


VALUE OF 
DOLLAR 


5060 

6JL9! 

4.67 


29.918 

2.70 


L79 


144-73 

UO 

03769 


33j03 


2L00 


UDO 

1120 

241 

240 

1-705 

5UOO 




6.7133 

125.777 


72.405 

0835 


3.722 




0.7847 

£0517 

£50 


177.721 

£70 

349 

20000 
195 JO 
0.70 
***** 

5J00 

SlOO 


207 

7J062 

L6303 

12794 

4A11 

64165 


64165 

111209 


7.44 

18372 

18372 

17680 





life 


Iran 

Iran 

Irfrii 


Rncfeh 
(o) 


Hribr 


Not Shekel 
Lira 

Dohar Col 
Yrai 


Mrted^H 
Korea (North) 
Korea C South) 
Kuwait 


SMUtavn 



RUM 

Hotter 

Libya Otaar 

UecbtMStela . Sw te Franc 

a*Mmvvweiuivi ■manrevivv 

i ■■ « *— 6q g g LfeMriowO 

Maryy Pl fe ca 

Madagascar Dm. Rp. Franc (2) 

Made i ra . PanngiN 

Malawi Kwacha 

Mmimyxlm Rtaflgit 

MahflraWwriS— Ru fi yaa 

MaP RtpfeHC— — CLFJLFi 
texltm Lira* 

Miifegw F 

ManHapfa — — — ■ 
msunun -i— 

/Peso faO 

weaco — - iPoa («) 

Mlqurtan French Franc 

Monaea _________ Frtmtii Franc 

Mongolia Tugrft Co) 

E. CmM ub $ 

Morocco - - — WHO. 

MonrataMe - Metical 

NwriMi S. A. Rand 

Nauru Island* AnonUM DoUar 

NsfXl tow 

Ncriwlatos Builder 

NetteritofeArtHMt— Gutter 
Nw Zealand Dollar 


{ 



Cal 
Cd> 

C-FJL Franc 
Naira Cd) 
Krene 

Rlai 


VALUE OF 
DOLLAR 




240 

100 
UO 
2.74 
65000 
34000 
30QjOO 
IOjOO . 


SJOO 

2JOO 


47j617 

39X19 

iria 

1 66000 

72407 

03109 

1461 




163617 
13S 
0.94 


35J00 


LOO 

02999 


00420 

X367J9 

244.73 


KUO 

300825 


6.1165 

7460 

13JF7 




33555 

p ri ■■■ 

£70 

032 

404X10 


2L0Q 

£0672 


900j0O 

70XJO 

Z190X» 


LOO 


COUNTRY 


CURRENCY 


(o) 
W 
Cd» 

[Inti Co) (a) 
llnti CO 


NX Dofer 
(n) 


Rico. 


UO s 



VALUE OF 
DOLLAR 


08999 


B4730 


14443 

UO 




Soteamn Ktendi 
ScmoU Republic 

South Africa 


Spate 


{ 


Shdfing (d) 
Rand (O 
Rand (c) 


Norte Africa 
Sri Lanka 



Pound (b) 
Chi 
Pound (f) 
Guilder 
LUangcnl 



S^rfa 
Taiwan 


.Thailand 

TogoRepirilte 


Potter (o) 

SMlltea 

Baht 

CFJL Franc 


Trinhted & Tobago 
Tunisia 


Dofer 

Dinar 

lira 


Thrift & Caicos Man* . US S 
Ttaate — Aumiten Dolter 


Ugfeda 

Unfed Arrii Emirates M 
Unfed Kingdom 

Uni** 

USSR 

Vamratu -- 


New Shldlng CD 
Dftriam 
Pound L 
Peso Cm) 


w irnf ■- Dm 

Vlrpte htaads CBrRbh) N US $ 

Virgin litendi (US) US S 

V«m«n RW 

lYemwPPR (tear 

VteCStevte Dinar 

Pte tep rite — Zaire 


Vatu 

Lira 

6diw Cdl 
Brihfar (n) 
fvar <d> 
(a) 


(i 




2.70 

L&S 

2.70 

641 

2.70 

2X35 

LOO 


3.751 


100X30 

33333 


30419 

2A5 

2.93 

UO 




3009 

69.91 


305325 


160 

0632 

933.73 


6QXU 

1673 

U30S 

24075 

0j63U 

110934 


1430 

730 

31.75 

80X30 

UO 

LOO 

10X30 

0343 

87747 

119.90 

00641 

17053 


iul Not aval table. (ml Market rate *UJ& doHars per National Currency ttah. (a) Parallel Rate. Co) Official rate. CM FtoaUng Rate. (d 

(d) Preemarkri. (e) Controlled. <f) Financial rate, (g) Preferen tia l rates, (h) Nan escntlal kaports. 0) Flwtte* tourist rate. (|3 PuNte TrantKtfOff Vtetc. Ck> Awkritwri 
PMugil (|) Priority Race. M Essential imports, (p) Expom. (13 FI1L29 Jw« 87a dpi tar d ev alu ed fefeWteL 17.75%. (2) Mam^nr, 29 June B7s Franc daratecd fay apprac. 36%. 
For further In fo rmat ion pleae curio your hxri brindi ^ the Baafe of America. 
























































































































































































1 — 



WORLD MARKETS 


0 Financial Times Friday October 2 1987 


FT UNIT TRUST INFORMATION SERVICE 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
LtiU in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


AUTHORISED 
UNIT TRUSTS 


185 HI* Mote* 


eewavtfY 
413 65 
4 22 tt 

S 7 » 



HmWATi 


Tmunr 


•S22. 4 

> can 


NATIONAL ANO 
REGIONAL MARKETS 

Figures In parentheses 
show nut*t>er of flocks 
per grouping 

Australia (91) 

Austria (16) - 

Belgium W 

Canada (130) 

Denmark (38) 

France 1122) _ 

West Germany (93) 

Hong Kong (46) — 

Ireland (14) 

Italy (97) — 

Japan (456) 

Malaysia (361 

Mexico (14) 

Nether I and (37) 

New Zealand (24) 

Norway (24) .............. — - 

Singapore (Z7> 

South Africa (61) 

Spain (43) — 

Sweden 134) — 

Switzerland (53) 

United Kingdom (336) — 
U SA 1586) 

Europe (955) — 

Pacific Basin (682) 

Euro- Pacific (1637) 

North America (716) 

Europe Ex. UK (619) 

Pacific Ex. Japan (224)_. 

World Ex. US (1842) 

World Ex. UK (2092) 

World Ex. So. Af. (2367) . 
World Ex. Japan (1970) 

The World Index (2428)... 


THURSDAY OCTOBER 1 1987 


US 

Dollar 

Index 

167X0 

99.84 

125.03 

13661 

115.66 

107.57 

100.46 

15666 

15334 

9005 

14333 

174.95 

38237 

123.74 

13321 

176.06 

163.99 

180.70 
159.02 
131.62 
10838 
157.73 

133.70 

127.48 

144.43 

137.71 
13335 
108.68 
16035 
13830 
13439 
13618 
13330 

13646 


Day's 


-15 

-0.4 

-0.7 

+02 

+OJ. 

+06 

+08 

+05 

+22 

-13 

+02 

+36 

-02 

-L4 

+0.7 

+06 

-14 

-02 

+14 

+07 

-OJ 

+17 

+06 

-17 

-11 

+1.7 

+03 

-0.7 

-10 

+0.0 

+ 0.0 

+10 

+00 


PflBUd 

Stertlng 

Index 

15614 

9154 

11454 


Local 

Currency 

index 


Gross 

Oh. 

Yield 


106.05 

9663 

9211 

145.47 

14060 


13123 

160.41 

350.77 

123.45 


9526 

118.71 

12924 

11169 

103.74 

9649 

15936 

14076 

89.75 

132.91 

170.91 


237 

4JOO 

227 

254 

257 

1.97 

2.98 
333 
214 
052 


US 

DoOv 

Index 

16951 

10020 


23030 

11554 

10750 

9956 

15757 

149.97 


145.72 

17452 


Pound 

n l m firm 

scaling 

Index 

154.70 

9139 

11452 

12431 

10538 

9834 

9090 

14351 

13678 

8330 

23291 

15938 


161.43 

15035 

16558 

14550 

12068 

9937 

14462 


11688 

13243 

12627 

12272 

9965 

14721 


11738 

uom 

16167 

158.13 

13281 

14752 

125.97 
103.44 
14462 
133.70 

119.98 

13436 

mjfj 

133.47 

10456 


12900 


045 

184 

274 
1.70 
153 
338 
270 
132 
161 
333 

275 

278 

0.70 

1.47 

272 

245 

263 

152 


12336 

13530 

17466 

163.91 


11297 


15921 

12956 

10766 


12321 

12466 


12532 


130.90 

129.97 

130.95 


275 131.41 

278 127.43 

0.70 14691 

1.47 13938 

272 13267 

245 10855 

263 16166 

152 139.70 

165 13436 

1.97 13634 

274 13203 

L96 13644 


15949 

14950 

16720 

14521 

11044 

9839 

143.94 

11966 

11623 

133.99 

12694 

12069 

9961 

147.45 

127.42 


X 30 1987 I 

Local 

Currency 1987 

Index High 

15022 18061 

95.78 10287 

31922 13469 

12014 14L78 

lii-ia 12463 
10355 12U82 

9552 104.93 

15866 15866 

14563 15334 

9059 117.11 

134.90 16128 

17037 19364 

64036 42259 

11739 13L41 

11021 13099 

15955 185 PI 

15862 17428 

13359 19869 

14751 165.92 

323.95 13230 

10238 UOLOO 
143.94 16287 

13241 13742 


m p Cento Uh Vn 

1U.|£hnlU M> ■ &V+ &*** 

ML Bin i nx .8 BC 717373 

. fckta-wW- — 


1987 

Low 


mo i 



i nW*J 


UflUt 





sra 


•t Sbtll 
IMU- 


.„_J 045 
J0.4 U3 


(approx) 


99.92 1 8359 


9619 

moo 

9018 


8940 

9768 


8400 

9689 

9950 


9466 

8460 



aw l Otrjpfc 
u« n+ezas 


Eir 1 


SB 




bhai ipeanwTft. 
3— Trwirid- 

SZSwK'mai 

tttMTdti)- 

iEgL-ii i 

ffu J- 


a(J. 

htcfl. 

wed. 



IMcrt Fkflife* A Co W 


m 2 S3 168 

ss 9 - » 

2* tt 

Sir jju 

i«2 jffif S3 


ai-«»5«3 

UB 


Oil British Tnai^. 
(UCwUTrai—. 
CgJDotarTnKi— 

(UHiQhVWdTft— 
OtfimTktiU 
(gHrflTntiU— ~ 
QJtihiWTiU 

8KJSS5*- 

CWfirffrC»Ttt. 

tbiSMc.ua.'m^ 

cgnStoArGu- 


1442 


1BSA 

aw 

Z7.Q 





sus 


AULTS 


iBIBrWJW 
»| IncPtasTti 
IBi InrTtii — 

Kay Rnt 1 


IW W 
RIM 


UM 






POBteSLh 




9763 

94.88 



AW 26) . 0234 




13105 


MdNfewyU 

dtoUWflAteEgWWQ 
ae«. .... — I mls 


n-ussux 


bhw#M— m3 u 

KcfHtotacFa 1JM « 


ADMm 

♦XJr tur 
257 

3a 


Hottt 

14477 


99.72 

9965 

83.93 

10000 


9740 


«nStJM*9t, 


14751 

323.95 


143.94 

13241 


119.46 12088 

13625 15077 

12955 14365 

13131 13755 

10434 131.97 

15334 16463 

12968 14338 


12437 

120.42 


12931 

33061 

12054 


139.47 

13463 


10060 

10060 

9065 

9201 

9965 

10060 

99.78 

10060 

10060 

10060 

9862 

99.92 

10060 

10060 

10060 

10060 


8924 

10262 


9766 

9369 

9066 

9731 

93.79 

9464 


9733 

9561 

83.40 

9433 

9560 








i : r rf.vt 



UM, 


IMbS— . 


4344 

1174 

UU 

752 


20 Fradudi StncUtiOdoa 03 
Mm 01429 0776 


GftYWd - 





ML af Pk 


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7709 


12*9 

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FAVMMDtti UM 


Bw*afunc Dec XL, 1986 m 100 

Copyr V*, The Ffcundzl Times* Goldman, Sachs & Co, Wood tladfanofe & Co. Ltd. 1967 
AmvMflB to Mch far StiMM-SOMCWcotteWMog : Swfdm- PM SMbgo^r; tfIC- US 

European Options were not available for this edition. 


grWy*Hf Htartrf Ek. (K-MSBaftfO^r. 




sni afa 


The Financial Times 
proposes to publish a Survey on 

INDIA 

on October 15 to commemorate 
India’s 40th Anniversary of 
Independence 

Subjects to be covered in this Survey include: 

POLITICS 

Political development of India dominated by 

Nehru dynasty 

TECHNOLOGY 

Foreign collaborations and development of 
electronics industry 

PUBLIC AND JOINT SECTORS 
Features on steel, stockmarkets, 
telecommunications and banking 

ECONOMY 

The current state of the economy 

FOREIGN AFFAIRS 
Likely developments as leader of 
non-aligned movement 

For information on advertising in this 
Survey, contact: 

Area Manager Southern Asia 
HUGH SUTTON 

Financial Times 
Bracken House 
10 Cannon Street 
London Ec4p 4by 
Tel: 01-248 8000 ext 3238 


FT CROSSWORD PUZZLE No. 6,445 


CINEPHILE 



Across clues may seem difficult but see 23 


ACROSS 

1 Rate foolish woman? (6) 

4 Friendly message: is com- 

piler first? (8) 

19 Hole drilled in painting— I'm. 
not sure what to say— like 
wood? (.9) 

11 Burning with rage following 
a figurehead (5) 

1 2 Lieutenant liable to 
decamp? (4) 

13 Source in a wood, it seems 
( 10 ) 

15 She takes part of a cold lock 
17) 

16 Ends deposits in islands (6) 

19 Rerer to notice (6) 

21 Swallowed false statement 
right at studio (7) 

23 All. repeat all. the across 
solutions start alike (10> 

25 Al for one's age? (4) 

27 Seer takes month at old city 
(5? 

28 A shortened note that’s 
about gratitude in spirit (4.5) 

29 Iron baas go off to graze (8) 

30 Travelling one direction! 

with list (6) ' 


DOWN 

1 Product of seaweed, almost a 
car’s place on a river (44) 

2 Agreeable about plot 
worked on paper (9) 

4 Sound of slave that can be 
ridden (4) 


5 Crowd without number, like 

one in Kenya (7? 1 

6 Man. possibly red one, has to 
be supervised (10) 

7 Made objection about 49 (5) ' 

8 Boy or girl with diary (6) 

9 Checkpoints for birth con- 

troller ,(6) 

14 Bonds exist in teeth (10) 

17 Quaking heart? It's sexless 
without trill (9) 

18 A number had a good race * 
with flying students (8) 

20 Rem trouble causing storm 
(Ti 

21 Insect with funny cavity in 
bone (S) 

22 Hat for canal (6) 

24 Upset king’s drink (5) 

26 Affirm a solemn promise (4) , 


Solution to Puzzle No. 6,444> 


ascaaaniD anaaaaai 
□ Baaaaani 
saaEia anaastanaa 
a a a a a n a s 
HnsHsnaaa aanon 
a fi a n a 
aaacjn aaanaaaaa 
a n 0 n m □ 
ananHaoaa aamaa 
a a a am 
aaaaa □□uaaaasu 
noasaama 
aaanaaHHti nanao 
aanamsan 
aamaamn aaaaaaa 


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OMiCriN 


BRISTOL 


ACENTREFOR 
FINANCIAL SERVICES 

THURSDAY, 26 NOVEMBER 1987 

The Financial Times proposes to publish a survey on 
Bristol — A Centre for Financial Services on 
Thursday. 26 November 1987. tt is the first time dial 
die Financial Times has done a survey on this topic 
and is an Indication of the Importance of Bristol as a 
financial centre The arrival of a number of large 
companies in the dty and the growth of (oral 
concerns Into national and international 
organisations has given die growth of financial 
sendees enormous impetus. Within die next decade: 
Bristol could become the most Important financial 
centre In England outside London. 

Half size reprints of the survey will be made available 
to all adiertiseis free of charge. 

For mate information about advertising in the survey and a 













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copy of the editorial synopsis, amtactCRee 


0 0272 292565 

or write to him atz 

Financial limes Ltd Merchants House 
Wapping Road Bristol BSI 4RW - 


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SOCIETE INTERNATIONALE PIRELLI S.A. 

-BASLE 

Pirelli Financial Services Company N.V. 

7% USD 50 Million Guaranteed Convertible Bonds 1985-1995 

In accordance with condition 13 (f) (i) of the first schedule of 
the Trust Deed for the above mentioned convertible bonds, 
notice is hereby given to the Bondholders that the General 
Meeting of the Shareholders of the Soci6t£ Internationale 
Pirelli S.A. will be held in Basle on Wednesday, November 4, 

1987. 

Requests for conversion Into ordinary shares filed on/or 
before October 15, 1987 shall be submitted to the above 
mentioned General Meeting for the creation of the shares 
needed to satisfy the conversion requests. 



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ENGINEERING — Continued 

lot I Stack I Met M £ lev Hi 
la iHUnCtavEaScJ 325 I I L«4z6 Lit 


MS 


mr f 

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'(C.HJ, 


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ELECTRICALS 


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CHEMICALS, PLASTICS 


(38 WnoFl20. 


BANKS, HP & LEASING 

n I Stock ! Pika K°1 M Irvrlbtoi 


IHJ 1| 


1987 

Mg fa Lam I Stock 

39 14b lANZSAl 

■273 230 AJM Irtfi— — 
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■128 53 

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630 395 Bx* Scotland G — 

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655 464 Bartianfl 

*83 35 Benchmark 20p— 

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135 90 BcskiCBMartTK — 

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£266 UVjCarmrztk OHIO — 

■£77 £21 IC’hgn.Hfck.KrlOO 

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359 202 fwNaLFin.lflp— 
190 111 rwXfcJccCiRBfPrrt- 

bffy 34l*r rM Paoflc Hldg. — 

G7^ QjyFuJi Bank Y50 

•418 298 jGcrrard & KatanaL— 

270 173 GoodeOmmSp — 

121 1 7 87 Peat 

369 235 HjrtraTlta 

765 398 Hill Sami 

*B7 57 HK&Susg HK5250. 

*5b5 4U'a JaseflMLeolU — 
194 134 King & Stem Zita - 
642 450 KVta-vLBessaeL. 

435 293 UwfcEl — 

763 374 M Cara 15 

"567 421 |MkMU 

5n 3 360 ftlDr^CienWlG- 

180 12bi#UtAiQLBk.ASl — 

“794 536 p(aL WesL £1 

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175 70 Rea Bnn. Group 

215 133 iRstMCUiHUta. 

123 b 6 b| Do. WUiranrc. 





327 

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22 175 

29 145 
12 228 
20 205 

23 453 

43 165 

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27 162 
42 198 
35 143 

19 138 

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h3 91038 14 136 

150 36 21 138 

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336 223 
135 102 
117 52 

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230 95 

265 163 

93 37 

285 160 
265 170 

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301 204 

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135 59 

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•585 247 
78 45 

578 425 

245 157 

291 109 

264 187 

215 118 
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455 195 

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370 290 

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104 77 

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340 146 

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36 20 192 
6.4 06 263 
2.7 26 15S 

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29 145 
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22 183 
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30 237 

23 190 
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116955 05 426 
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375 33 28 140 

40 20 33 144 
HU 23 29 200 
61 — 51 — 


30 109 
20 13.9 
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44 154 
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05 — 
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33 147 
20 193 
90 140 

06 — 
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37 153 
S3 2L9 
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53 127 
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INDUSTRIALS— Continued 

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£27 S356 50 97 

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50 13 343 

36 30 97 
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"206 

TO 

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513 

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INDUSTRIALS—^ Continued 

J — l-Ms LU 


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43 31 05 

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+1 S3 29 
+3 mi 27 

121 33 1 

1UXE 20 

15Z 19 

4101 16 

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+2 kOS 28 
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-2 152 50 

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266 114 
170 115 
510 225 
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218 12D 
229 64 
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671 345 fMcrtan] 570 

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385 :to (Mixitrad A v . 528 

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tcm 30 29 176 
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21 302 

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30 ft 
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i.4 325 
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103 
07 
3L1 

ULb/] 40 

12x| 32 


06 — 
10 140 
29 201 
12 ft 

07 707 
29 145 
20 — 
21 130 
21 198 
04 fi&4 
04 647 
U 310 
00 545 

12 <424 

L9 301 
61 — 
15 117 
L9 200 
t 120 
24 140 
24 250 
15 223 
54 101 

20 1250 
20 - 
23 2U 

10 363 

13 205 
U 200 
31 313 

11 m 3 

03 507 
4.9 fitt 
20 160 

08 370 

17 ft 

44 70 


87 S 
380 190 
ia 187 
"51 7 

260 106 


P*A60c 
mHllgi — 


Hash Force 5p. 


190 75 

295 111 

148 67 

290 139 

873 391 
310 1369 

US 44 
"286 133 
316 216 
158 1091 


l5wtanTO~i 295i 
tetEJ&tetSp] 275 
ftfeCtep__l 244 


rMfeOi*. 

H3S*. 

eSGb 

yUJ 

■ (Cfariafad 


Fir 5ostrrta Hera « 
teerfand Hhfa. J 1 


ALrieQ 

oernLZC 


131 195 

EM I Do?pcC¥U2KM7. Mff 

319 bnigtte 969 

228 kltatftfBtete 321 

97 ffateruam. U8 
47 Ifatevm0991). 115 
161 htexa&PTTOTO- TO 
£Z3*weape«UMDnJ £25 


fOUl 25 25 220 
02S ft 04 ft 

t53zj 35 145 

11X530 L7 270 
X»Z0 27 193 
♦Ita 25 L4 455 


07 ft 330 
20 35 177 

08 U 1X9 
40 17 201 

rzo — 
25 43 120 
23 41 144 


15X7 1255 
25126 Si 


£160 \W 
147 111 
100 110 
107 43 

Zl2*j 103 
378 1 250 
174*1 109 
509 IMP 


.WN 

l 8pc La. 2DD4-09. 
■lfa tiM - 

■?H(pCSdp_ 

SlSSoZIII 


— 16X2! 37 
-9 9003% ft 

— QZX5c ft 

— . 141 24 

h2 0563% 30 

u 61 

— +RX02 26 

— 28E 24 

h2 l MS ft 

7X| 23 

-1 fl5 X4 

37 31 

-* tIAJ 12 
h5 R5J 20 

IOC 27 

K3 1652 25 
h5 Will 22 
~ 41 ft 

— - iS3 20 
-3 R2771 24 

h2 6136) 53 
-2 16319 34 

-3 08% 44.4 

-* 00% 7.9 
-1 575% 69.7 

hJ fa5i 23 
_ tU L9 



505 150 
15X 45 

292 190 
404 158 

285 175 
469 155 
715 US 
40 56 

296 168 


iv Red Prf— 
tTOfarSp 


(NorateUpJ 589 


153 64 

146 60 


HOTELS AND CATERERS 


1651100 


wttftUJ 2 Ufa +3 

^WteSw.TO- 469 ft2 

teK0JDfa5Qp M To 

We EffMtn TO- 63 

MgranHlto5p_ Z7to 

tekfltataaaZta- TO 

Bh2*p MB ™ 

.25feCp[jire8. US 

fatty Crap 5p— 205 +5 
tatalOp 02* -U 

mtagAteec. 569 +12 

tatagta hal Sff— 04* ■* 
fattetfTedkfa. 1IM-2 


13 240 

13 ft 

14 ft 
X9 140 
U 175 
04 210 
52 103 

19 140 

20 ft 

13 462 
00 552 
20 220 

14 314 
1 20 264 
13 311 

33 100 

24 
20 
30 
10 
10(260 

Si" 

no — 
54 - 

34 100 

20 3 S3 

25 215 
24 125 
80 - 

21 137 


1 03 15 . 
20 U 460 
44 00 387 
20 40 170 
30 U 28.7 
4.9 X3 812 
♦ U ft 

23 43 109 
29 U 430 

ft L7 ft 

M VI 384 

XI 21 205 
73 OJ 574 
40 L7 14J 


235 126 
40 274 

29B 199 
57 IV 
31 20 

320 43 

215 119 


tTedaatavfarBta- 108 
ta* Project Sen Up- TO 

rSL Group 94 

nttdMflelra..^ 298 

rhmnuT-Ltag 77ft 

nfTASOJO TO 

FTtateey <EBra)Spu~ 180 

Hod5p ZZ 27ft 

reeddfaCFJIJSp-^ 314 
DeSipcCiuCrWPrf, isa 

reeoarzwj 350 


5d_ZIJ 55 


Wj X2 15 264 
05L3c 22 15 230 

UU L9 3.7 U1 
W3ZA 4 3 OLD 

LLtf 40 U 300 
140 30 12 290 
*550 L4 41 1<UD 
I 2453 09 270 
U432 t 2X7 
33 34 14 234 
3X ft 05 ft 
Q1S ft 25 ft 
31 20 44 15.4 
♦ L9 ft 
31 57 13 203 
50% — 4.9 - 
072 30 34 114 
5X 23 30 195 
113i 15 44 3U 
f7J 22 16 26S 


i m 


580 164 
243 153 
178 M 
719 437 


! Trail U 
Htarfalii 


For Taras- & teg 

ritTswr—^JsS 

HMgsTO— J 223 
"AtaTO— -J 176 


133 73 

•74 O 
TO Ul 
243 329 
313 145 
185 19 

227 175 


571 232 
48 19 
81* SB 
188 % 
106 61 


dPatetoTOJ 235 
nGrp.20p — J 243 
PottLlfelZj 288 


-1 

h3 fttJ 


'tetdtaABFlftO 


Ffa teteanfs 


•390 245 
400 230 
9b* 36 
265 116 
38 UP 
347 1« 

166* 106 
UU X 
216 W 


Torts Hrap sop 
esfcoex AS01Q_ 
faraOAngtefa. 


rats Ul. 
•Grab- 


253 77 

£U* Ul 
90 20 

305 145 
95 64 

307 118 

187 136 

48 278 

182 in 


ICArte>5 

raster lflp 

tagfei (AJ) 


TOJ 72 


IWfaiGplSd, 
rRM lfln - ■ _ 

raJe&Vtav 


3X6q 20 13 1203 
rtU4llO0W0 

4Xjl0 LOhU 
125 3L2 15 270 
U 51 0.9 316 
107 29 22 17.9 
80% 50 22 170 
22 31 35 143 

rXS 30 L9 1B3 
33 29 L9 224 
H3J 29 17 274 
U 30 12 306 
1266 27 20 290 
03% 8.4 31 30 
025U2O 23 150 

f 32 O5|650 
44 14 2L9 
ft IB ft 
* 42 ft 

60 10 82 
23 38 159 
Uj- 03 — 
WJ 35 13 245 
1673 — 4.4 - 
01 31 04 — 
1407 29 L9 206 
5k* — 43 — 

h^i 20 41 U0 
HL5 33 24 100 
25 20 14 302 
171 47 867 03 


^03 20 13 340 
2JU22 37 100 
20 37 09 3L3 

L43xi L9 180 

£^43 21 1 52 

XV ft 34 ft 


43 tMraferaSftteJpJ 71 
139 Frtwfly ttatefclOp- TO 
153 CarfwfabtetlOp. 260 
439 &Mfttarte50p— 969 
24 (FH«om Ltasvefa 92 
1» prtEettrwteTO- 595 

to EL 

re WLChtemlDpIZ 157 
awtactatesp.. o 
133(PyoEniertate50»- 32V 


12 00 I 
11444 
4LS67 
TIOSZI 

U03lXl 

nsu 

1*12320 


62lUllB£ 


0Q.7pcCi.Pf.a 

KyralMtasbSp^ 

tey - a- to- 


engineering 


00 WU) 
00 260 
25 101 
04 880 
OJ 673 
00 177 

11 1X4 
14 243 

12 ms 

10 385 
23 2X2 
40 - 
40 ZL5 
08 2X5 
10 271 
30 210 


•69 I 29 
83 I 51 


610 207 
113 83 

•370 167 
240 175 
648 400 
795 275 
185 113 


aaSp - 

I8M4imSOJ0i 

wpeTertTO- 

erflrtE moj- 

oHkfaTO 

iWfaePrott_ 


S-ft fataGg lOpJ 648 
MflraHdgHISZ. 285 



15 U 705 

♦ 14 ft 
2.4 4.9 0X9 

♦ 20 ft 

♦ 20 ft 
ft 14 ft 
25 30 244 


421 216 


TO 120 
150 74 


UTOh£1 

ictJiod_ 


325 

35 Pi 


PVBterSOp- 
Mst Graop^ 
ermraEra- 
irteiip lodi — 
0i 6 Lacy—— 
straTrasiSp- 



fl9JU X2 221 
IflilZJ 30 160 
62320 25 207 


| myw 


•TO 59 
459 270 
£Z1U £26 
294 1 163 


INDUSTRIALS (Miscei.) 


hNL7*p 


iResevcblOp! 


25 47 U ZL4 
90 26 28 183 
ft 20 ft 
7JU 47 195 


101 a 

565 280 
435 257 
215 UO 
915 260 
39 44 


268 +7 


* 

4^35 

4U ft 
2B6c ft 
061 21 
55 40 
91 47 
145 23 
L92 20 
U ft 
10 L9 
Era 40 

4 J 10 

1X0 07 

S|0 


TO ZU 
094 OX 
DO £55 
094 £520 


INSURANCES 

Uff 9n I m Ij^nl 


L2 ft 

10 410 
10 • 
13 ft 
42 1X7 
10 140 
20 140 
30 195 
23 197 
30 ft 
; ia 1 

15 200 
07 18 1 
23 36.9 
51 140 
53 W0 


158 122 
TO 203 
d»894 


417 268 

•a sa 

459 305 


019773 
558 1437 
864 210 


07 or 
368 TO 
029 499 
1461; £341 
443 Z36 
US 60 


DallpcCra.fiib oG? mS 

faSi5i?lI^ G1O0 

ssaesC s'- — 

an,^, t3B. 

noM(DmU]^. nj ?_ 1 

UUmcBSMug m HOisH 

sjgsfc s a, 2 

i— »!Sl!?r 


OmUtaMTO. 

ttlktrafatt. 

XteScnSr; 


-|X2 - 

— [37 — 

um QJ 

— 20 — 

mm 83 ^ 

22 30 160 
X4 L4 2B1 

— 90 - 
00 13 - 

— 43 — 

— 2A Z 

— QJ ~ 

— 35 - 

— 42 — 
14 60 143 
22 40 154 

— 3J — 

— 3l5 — 

— aa — 

26 34 1X4 
10 3J 2L2 
2J X3 140 

21 34 lm 




* . 


* 


■- » 

& 

1 j 




7 J./:;-’ 


. •- • 


r »j 


f 



Financial Times Friday October 2 1987 


LONDON SHARE SERVICE 


INSURANCES— Continued 

«il m IwrM S' Llfill 

Ml 


PAPER, PWNTING— Continued 

A I Kk* Iweth-"! E le^lStln 


oat 

M E Ud 


FINANCE, LAND— Cont 


OIL AND GAS-Continued 


XU 78 
ISO IB 
111 96 


Ugh Low 


fries 


M 


Dfcr n 

Net ICvrlOn 


Price 


M fat IcviSflwE *£"L 


MINES— Continued 

I IH 

Stock I Prka I - I NS« 


Nat ICfflGrt 


17 U 
20 52 
U » 
U L6 
— ZJ 


wr 3ts 

128 I « 


.HJP 


* TO 
.89 73 


625 513 
106 73 

58 31 

M3 85 
2*5 Z25 
« 57 

288 199 
5% 351 


IK 306 
Ml 63 
65 60 

300 132 
58 19 

Z36 265 
89 45 

*439 0g 
122 HXT 
*292 110 
306 211 
211 127 

604 370 
266 171 
HQ 43 
*68 12 
443 m 
636 424 
165 70 

132b 40b 

18 48 

392 2D2 
09 47 

*U5 38 

M28 44Q 
333 152 
1B1 54 

*344 66 

154 MO 
738 80 

232 260b 
Zll 92 
*960 165 


23 43 
33 311133 
12 43 
67 06 
4 23 
14 33 


0 30 

22 33 

52 14 

13 16 

23 33 
21 33 


33 19 
3 3 16 
22 08 
14 42 


133 74 

*306 164 
800 340 
18 7 


2381129 
60 


278 in 
193 148 
392 Z7D 
294 169 


490 150 
17b KB 
315 S3 
458 260 


120 1 64 


262 175 
18 fl 
61 30 

242 U9 
158 42 


13 25 
43 13 
13 33 
3-9 11 
32 31 

60 12 


370 280 
715 495 
3M 90 
275 155 
170 


W 
850 1413 


98 34 
238 180 
126 84 


» 148 
221 114 
ITS 127 
203 265 
163 43 

121 53 

585 361 
113 50 

220 142 

22B 113 
290 91 

no 340 
49 15b 

136 19 


14 2.9 
31 13 

23 2.9 
- 4.7 
4 0J 
4 42 
31 16 

Lb 40 
22 27 


101 66 
220 130 
2» 169 


665 
■89 J 9 

m l 7i 


220 U0 
715 290 
405 120 


312 HO 
24D 135 

213 110 
305 163 


340 
403 189 
136 I 75 


43 Vriirr: 



55 

1 f *. 1 


• J-.*. .mpuiuim | 


37 13 

26 32 

34 21 
33 32 

27 34 

35 09 
27 40 

36 33 
2.9 20 
LO 16 
14 09 
29 26 
35 61 


- 63 
0 07 
33 23 
24 32 


220 lib 


134 52 

293 172 
*565 210 
160 36 

450 192 


165 78 


U \ 95 
710 1490 
151 


960 1370 


74 43 

£15 340 


£10 860 
650 250 
256 ZU 
90 40 


S7W3L1I 

t 

1 

villi; 



'±*\ 

> 

fi 

Tt.j 


x .’W : rr - > 





t ' 

jj 

r/j 

77! 



yJ 

!if 

irjl 


,P _ 

Jll 

L lf *'■ 

or * I. 


hr? 


It 

T r t * 

c 

rr 



30 
23 
37 

23 
33 

24 
U 
36 
36 
101 
2.9 15 
L7 37 
16 43 

22 U 
43 17 
L9 16 
22 22 
ZJ U 
L9 36 
26 24 
6 

0 07 
36 14 
26 22 

23 22 

24 
13 


26 27 
42 13 
36 L8 
4.4 09 
24 271193 

6J t 
42 L9 

36 16 
— 68 
35 22 
20 37 

32 04 

33 U 
12 54 
22 22 
— 12 
24 24 
50 06 

24 32 
0 14 
39 16 

20 U 

21 LB 

25 20 im 

37 12 

M 23 
93 04 
00 60 

31 24 

26 26 

39 221160 
47 09 
70 03 

38 U 
21 31 
6 20 

28 L9 

32 21 
- 26 
» 31 
0 13 
0 24. „ 

40 12|2U 

41 14 

41 U 
30 14 
20 27 
57 12 

AM 

29 20 
32 U 
47 or 

42 16 

30 25 
37 14 
09 27 


139 56 
50 31 
510 255 


269 77 

895 25 
901 £7 


265 171 


270 100 
229 m 
96 57 


m in 

*04 



72 21 

371 290 
776 529 
212 140 
220 147 
M9b 
338 160 


r-ft 


673 300 
460 230 

m 1 6 





80 35 

£14 ft 
523 zm 
148 46 

BO ft 
390 178 
300 195 
508 1224 
£ 12 



173 
173 1102 
337 




03 


865 








^Tft 




'27ft 



9 b 5 
45 22 

55 26 

208 39 

U 6 45 
173 53 

34 5 

61 37 

71 32 

86 29 

96 37 

788 333 
99 50 

362 65 

fi 3* 
ft 27 

63 13 

195 54 

214 100 
•95 39 b 

37 a 

43 20 b 

260 65 

198 106 

73 26 

338 109 

42 B 246 

64 27 

22 12 

55 21 

74 30 
748 284 

33 12 

33 16 

790 363 
a 14 
58 9 g 

160 65 

20 B 

55b 25 
S 15 b 
67 24 

140 70 

35 18 
*425 101 
350 123 

77 54 


IfldoPxfflcNI— , 
H*ncJ&ltfid2fe. 


Maun MMov 20c. 

Mmgefiic ttids — - 

KobavaUkiZOe.. 
HOa Ora Goto 32 ~ 
nOldtener NL 23c. 


7 

29 -1 
99 ...... 

196 -2 
46 +1 
ISO -13 

18 

46 

09 +1 
56 -4 


leubEiSfc — 
taHlflKfabftL. 
let ram* ita 20c, 

IIMHtogsftt 

ibicftewsEwiZSc. 


irtnanriy R»NI_ 

r*BH«50c 

KsfarE 

ttrte50c__ 

vrExprn. NL - 

nAmMbtog25c 
naw'l25e 


23 1™. 
35 W 


fcringaMngfEa>5fu 
’Pcto-Wribtnd 50c . 
martRoNL^. 
PtfUnan UMng.^ 
faanU»gmb*L 
»Reqm Hiring 20c., 

NtenfeonSOc 

rSanu* Exprn. NL . 
FSmteraMJrwQ— 
rSoeGmSaNL— 
©dm. GokHeUi _ 
©omherftPadfc—. 
PSouthRm Res 


60 M 

BSmj-25 

85J-15 


48-3 

682 -31 MU8 
19 &- .-J-T 


lS«a»Res20c 

nkaffiK Id Una 25 
HMGoUnekhNL. 
MraCaaa Se- 
vern. Mining 50c . 
FWtom Creek 20c - 
WMorteNL. 


15 -1 
45 -2 

151 

17 -1 

&= 
42 -1 


12 20 

— as 
37 M 


01 L2 

0 U 


7J 07 
LB 22 

13 07 


L9 27 
20 U 


29 -4 
391 a -15 
248 -15 
70 


Tins 


135 90 lAyer Hitaei SMI „ 

165 30 femur 

45 50 Coprog BvdkdHSU 

220 49 >ntarl2bp 

78 37 MabvdaUng.lOe. 

155 105 PrUlfpg SMI 

130 75 SangeiBesiSMl- 

170 90 Taojoog 15p 

210 105 nrMBhSlfl 


135 1+3 
78 (+3 


130 l — 
150 [_ 



i -if I 


pT.I 


140 75* 

40 21 

-300 127 
*72 37b 

•440 1391] 

§£ ,l 3 1 

£29 Of* 
455 150 

166 38* 

160 371] 

548 200 
237 104 

£14b 698 


Miscellaneous 

ton— j 88 


Vtajdi.li 
ex.lnUr! 
nridiRes 
0 Goto Mi 


lcFkileylML*e„ 
IM8 6w M Ml8 w 
toyftiteCW, 
iSfCfl— 


€28 -A 
348 -3 
50 +1 
144 +L 


37 16 

7 L2 

LM 20 


a7 ^ 

- L9 

22 06 

— L7 

06 7 


44 60 


— 04 


Dl^OSMOQO, 
fftecoRes. Jnt41_ 


2.9 2 A 
165 DA 


Him Low 

485 100 
56 28 

150 no 

83 61 

111 66 
46 9 

285 102 
192 61 

103 45 

200 153 
180 140 

IS 47 
228 150 

•62 18 
n 15 
186 va 

MB 4 
33 29 

133 115 
90 68 

82 17 

87 451 

186 140 
140 111 


THIRD MARKET 

1 I* M*! Dtor 

Stock I Price I - I Net 


U*ffeeeAnPeil 0 p_ 45 

Ufed ins. Britos— 145 

bBawaEjKfV lOp. 65 

bdMRa.lOp_ 91 -2 

WaorePet'A 1 19 — 

iraMtotConem 267 +22 

SMimdi lOp 183 -9 
^Oiys ICam. 5 p^ 97 +1 

MsenArthmSo— 183 

Uxtuc Group 5 p 157 

^ovtonBeadiMc 123 -5 

Irmm Eyt^tes 5p 225 -3 
iqNntiviExpla. IJL5. 27 +1 
)o- W arrants ■ 16 +1 

: 3 r East Res. lOp— 166 — 

MaerUJ 5 p 97 -1 

HmrWlGcom5e_ 50 +1 
AatftogLetareft^ 125 -1 

4 ttTecfc. 5 p 85 

WmtagKktosJP- 68 +1 

One Kototagi 72 -2 

J PL Group IB +2 

im Group - 1 348 p L— 


YU 

CV firtaffi 
2 J 12 440 

25 30 160 


L 9 L 5 47 2 
— — 40 J 


# 04 0 


23 LB 336 

— - 421 
11 LO 361 

— — 98 

— — 344 
L9 L9 386 
26 LB T— 
25 43000 



X Cover does not allow fur duns wfakli aaj abpraak tar ftrfdend eft 
luture OM» a no) r»t Into KIUV prtMdML 
I No par wine 

B-Fr. Betotan Frana. Fr. FrunO Fries # Ylctotewd on wnp O ua 
Treasnry Bin Rate s^ys ndonged until natnrRy of oodk. a Amualhed 
Mead, b Figures baud on pramB or othor offer crime, 
c Cents, ri DMdenri rate pedd or n^oMe on pan of capital, cover hased 
onoiuno on ran apttai, c Kainuuai ywo. T rut poo. o Assumes 
dri de nd and yield, k Assumed tmknd am yMd dtor scrip issm. 
J P 0 MK from opltal sources, k Kenya- ■ leterim M 0 n than 


previous local, e Rimts Issue p ending, q Earnings based on preUmbunr 
llpra. i DMdead and yield exclude a spedd payment, t Indicated 
Mrid en d! couer relates to peerin g ddtod j P/E ratio toed on keest 
mui earnings, i Forecast, or isdnacd anovaftsed dividend rate. 


ewer teed on prerims war's earnings. vSuttiect to local tax. 
x PMdeod cowr In eoess of 100 times, y DMdead and yield based « 
merger terras, x DtoUeed nod yield Incknfe a medal pw rae nc Cover 
dog not appry to special jijyiiirn a Net otnaena ana yveco. 


Jmma hbJ ft * I — _A -fl 1 -I — J — I ■ I - I J 

dog not appry to special jijyiiirn a Net utviaena ana yveco. 
B P r e f ere n ce Addend passed or deferred. C Canadten, E Mbdonan 
tender price. F Dhridend and yield based on prospeous or otter offlcW 
eo lmaie s fur 1986-87. G Aswnied rMdenl aa id yield ofter pending 
mfp andtor ri^ts hsue. H Dividend and yield based do prapcc au or 
otter official esttnaies tar I486. K DMtfeod and yield based on 
B m pe cBB or ottm official es t ln m es tar 1987-88. LEsdnmed 
mnvaltsed thidend, cover and pto based on latest ratal earning. 
M DMdead and yield based cn pnftMus or otter official estimates for 
1985-86. N Dkrtdeed and yield bned on praspeetts or other official 
estimates ft* 1987- P Ffeires based on pro qiecius tr ottm of fi cia l 
e sttnaie s tar 1987. 8 Grass. It Forecast aomaffsed dkrtdeo^ cover md 
pto based on pnnp ee tas or other official estlnmes. T Flgvei mnravd. 
W Pro tavtna ffgues. IP kd d md total to date. 
ftwdriBnc to ex ftridend: a ex scrip Essuc; x ex itots; a ex 00; 
da capital dtotribnm 


REGIONAL & IRISH STOCKS 

Ike foilontag Is o selection of Regional and Irish stock* the lttt» bring 
Quoted In Irish currency. 


AXnoy Irv 2Qa~ 
Crrig&Roma, 


FlfilayPkg.5p. 
HokUosI 25p. 
loMStra-EL^ 


Flu. 13% 97/ 
Ancds—^ 
CPIHtogs^ 
CarraiiBdL M 


FvriUbftl968 

Nat.9fc%e«n. 


Hnfcl 


HrilUL&HJ. 
HekBuHIdgL. 
InsfaRopo.^ 
Unidire ^ 



TRADITIONAL OPTIONS 

3-<nonth call rates 


Allled-Lyons 

Amstrad_. 

BAT 

BOC 
B5ff 


45 NEf 

19 Nat West Bk 
g Pi 0Dfd_ 























































































































































































































Financial Times Friday October 2 1987 


LONDON STOCK EXCHANGE 



AttoasS Dealing Dales 

Option 

•First Declare- Last Accent 
Dealings tins Dealings Day 
ft* M Sept 24 SeptS Oct 5 
Sept 28 Oct 8 Oct 9 Oct 19 
Oct 1Z Oct 22 Oct S3 NnZ 
*Htw time Butin,* may take place 
tram 940 mA twe amlneu artier. 

London's stock markets were 
enlivened fay several sizeable 
takeover Offers and similar 
speculative developments yester- 
day. Active trading in several 
major sectors of the market 
brought a mid-session gain of 19 
FT-SE points, before a profit-tak- 
ing reaction clipped gains 
towards the dose. 

Government bonds, which bad 
gained W of a point in early trad- 
ing, closed with net falls of alter 
the pound backed away Cram the 
DU 3.00 mark, which is now 
regarded in the Gilts market as an 
official barrier. 

The stock market rose strongly 
in the first half of the session 
when a batch of bid or speculative 
developments sent banks, oils and 
food shares racing ahead. But tbe 
market’s gain was cut back 
towards the close as the Gilt- 
edged sector wilted. Insurance 
shares trembled in late dealings 
on tbe reports of a major earth- 
quake In California. Royal Insur- 
ance, with significant involvement 
in the Californian insurance mar- 
ket, dipped smartly. 

Interest in British Petroleum 
remained thin as the market 
braced itself for the huge pri- 
vatisation sale. 

The FT-SE 100 in dex ended a 
net 7.8 points op at 2373.8, while 
the FT Ordinary Index at 1860.9 
was 7.2 npu 

Gold shares were a shade easier 
in London as traders took a cau- 
tious view of the suggestion by Mr 
James Baker, the US Treasury 
Secretary, that gold should play a. 
more prominent role in global 
economic policies. 

There was very little selling 
pressure on gold shares, although 
any return of attempts to “ man- 
age " world bullion prices would 
be received unfavourably in the 
stock markets. 

A takeover offer worth £767m 
from AB Foods For S and W Bens- 
ford, reviving one of the market’s 
longest running speculative situa- 
tions, set the food and consumer 
sector alight AB Foods already 
has a 23.7 per cent stake in Beris- 
ford, taken earlier this year after 
two previous bids for tbe commod-, 
ities group foiled to reach frui- 
tion. 

Tbe financial sector also, 
returned to (he centre of the 
speculative arena after shares in 
Hill Samuel were suspended pen- 
ding a statement from the boar- 
droom— the City assumed that 
another bid is coming for Samuel 
which was recently rejected by 
Union Bank of Switzerland. 

Recent activity among the 
second line oil stocks was high- 
lighted by the announcement that 
Burmah Oil and SHV Holdings of 
Holland have opened bid discus- 
sions with Calor Gas. 

Gilts received a boost at the 
opening from a £15ih deal invol- 
ving 3,000 Gilt futures contract as 


Takeover speculation drives equities higher but Gilts 


a major US house switched out of 
US Treasuries and into UK Gov- 
ernment bonds. 

But the market slackened off 
after the deal was concluded, and 
the dose was ** very disappoin- 
ting.** to quote a leading trader. 
With the US bond markets easier 
in early trading, and the pound 
lower, UK bonds shaded lower. 
However, selling was light and 
some small buyers showed 
interest at the lower levels. 

The long-running saga for con- 
trol of S. W. Be r isfo r d. th commod- 
ities group which owns British 
Sugar, took another surprise turn 
yesterday. Gary Watson’s Associ- 
ated British Foods is attempting to 
succeeed where Hillsdown and 
Tate and Lyle both foiled, and the 
Italian Ferruzzi group was com- 
pelled to reduce a strategic stake, 
which it eventually sold to AB 
Foods 

SL & W. Berisford’s shares 
surged above the 4Q0p cash offer 
from AB Foods on thoughts that 
thecoropany would put up a spi- 
rited defence. Speculations also 
developed regarding a possible 
counter from the US Pritzker 
family which, together with cer- 
tain S. & W. Berisford direct) rs, 
bought a 14.9 shareholding 
recently from Tate & Lyle. ABF 
does not expect its bid to be refer- 
red to the Monopolies Commisson, 


turn down as pound eases 


FINANCIAL TIMES STOCK INDICES 


Fixed Itierest 


OrttayV. 
Gold Mines 


Qnl.PtT.YWd 

EaiUossYkt.MfoH) 

FTC Ratio (net) (•) 

SEAQ Bargains (5 pm) 
EquEyT u nm ni (£ml 


Shares Traded (ml) 


OeL 

1 


9LB4 

1860.9 

404.9 

316 

7.72 

15-66 

37,996 


Sep. 

30 

SQL 

29 

SOL 

28 

Sen. 

25 

Year 

390 

85« 

8531 

8&66 

85A5 

8230 

9X61 

9X76 

use. 

9164 

9035 

1853L7 

1849J8 

18513 

183X6 

12463 

4533 

IBM 

462j6 

467 J 

3173 

3J6 

317 

3.16 

X19 

4.45 

7.74 

7.75 

7.73 

7Jn 

1020 

1SJB2 

15£0 

15-82 

15A6 

12j02 

JSJBSb 

37,458 

37.445 

47^76 

— 

1891.17 

213461 

132958 

3u809J22 

53122 

42328 

vyfiSb 


5X479 

18,749 

645j6 

73L7 

552L6 

671.7 

2482 


1987 

Stem CMVCNtae 

High 

Low 

HhC 

LOW 

9532 

8449 

127A 

49JL8 

a® 

(60) 

(9005) 

arum 

9932 

9023 

U&4 

5053 

05A) 

am 

C801W) 

mrm 

1,92 62 

13202 

1,9262 

49 A 

0617) 

Off) 

067/87) 

amm 

4973 

2802 

' 734.7 

435 

(44) 

aV2) 

05(2/83) 

0601371) 


ACTIVITY 


Intas 

Sepi 30 

Sent» 

fi8t Edged Bargains 

1173 

1163 

Sprib SatylPS- 

2775 

2854 

EqBharVriue — 

38225 

43145 

5-0» Average 

QH tt^al Bargata 

120.7 

1245 


297.7 

3005 

Equity Valoe 

3613.4 

39445 


Opening 

1860L0 


10 ajD. 
1864-4 



11 a.m- 
1369-4 


Noon 

1869.4 


1 p.m. 
18713 


2 pjn. 

18703 


3 p-m. 
18675 


4 p-m. 


Day’s High 1871.4 Day’s Low 1860.0. Bwh 100 fiort. Secs 150026, Fixed lid. 1928, Wwj 1/7/35, Grid Mhtes 32/W55, 

^ AQtvfly 1974, • NB-lSuM. 

LONDON REPORT AND LATEST SHARE INDEX) TEL. 01-246 8026 


continued to so£ 

round Tnuthome Forte, although 
turnover fell short er Wednesday's 
Ugh leveL Inter-market business' 
was considerable with periodic* 
The market’s immediate reaction sales restricting price progress,’ 
was to slash Empire shares to the rinse being unchanged at 27lp. 
203p; “cheap” support was eri- The m gjer International stocks 
dent at the lower levels, however, were farfegular. Flaws were 
as analysts concentrated on the unchanged at 3S6p ' following 
group’s recovery prospects mid reports of a meeting with Klein- 
takeover attractions, the former wart Grierson, hot Glaxo shed V4 to 
being aided by the Interim £TOfc reflecting traded option 
dividend which was increased to related fogHi* China 

L65p per share, and the clos was Clays continued to attract buyers 
just 1 lower on balance at 234p- as the visit to the company’s Bel- 
GUS, regarded in some circles as a glan operations got underway and 
prospective bidder, dipped below the price rose 13 more to 579p; 
£14 at one stags before rallying to Serimgeour were In the vanguard 
£14Vk Freemans finished 314 of the upward movement in ECC, 
lower at 232p. amid talk that the broker had 

Other Retailers, fay way of con- issued a bullish circular. Reed 
generally tended higher. InternstfenaL In which Mr Rupert 
advanced 5% to 1755p Murdoch was recently identified 
occasional interest in as a shareholder, rose 16 to.609p, 
front of next Tuesday’s interim while Trafalgar House, on 
statement Chase renewed takeover speculation. 

Securities are anticipating profits gained 12 to 410p. 
of £87m. vfa»« rose 16 to as ■ Property groups regained comp- 
ute 45 per cent increase in mid- osure after recent cash caTls , 
term exceeding most expects- Peachey rallying 10)4 to 448p and 
turns. Buyers also returned for local Lea d en 20 to 820p. Estate 
perennial speculative favourites Pro pert y, 24Qp were little affected 
Ua derwa e ds . which put on 20 to I by withdrawal of the London 
219p with the aid of Press men- , Securities offer. 


TRADED OPTIONS 

Traded option volume held up 
well with 52,161 contracts traded. 
Much of the session's business, 
however, was concentrated on a 
few classes. Recent favourite 
Ralls-Kayce were again lively with 
6562 calls traded, the October 
205*3 and January 195*» accounting 
for L692 and 1528 respectively. 
Rolls-Royce also attracted 821 
puts- Confirmation of a tie-op with 
Flessey on System X stimulated 
demand for GEC options in the 
wake of tbe strength of tbe under- 
lying share price; GEC recorded 
4 ,590 calls. 

Traditional Options 

• First dealings Sept 22 

• Last dealings Oct 2 

• Last declaration Dee 17 

• For Settlement Dec 28 

For rate indications see end q f 
London Share Service 
Blooey was given for the call of 
Ostade Johnson. Laud Secrities, 
Astra Holdings, Astra Industrial, 
Christy Bunt, Dominion 
International, Ferguson Ini, 


King, Sound Diffusion, 
Norfolk Capital, Barton, 

BOM, TAN, Atlantic 
Common Bros, Amber Day, 
Tnuthouse Forte, Dee fox, j. 
Ragland, Karting and Starehme. 
Puts were arranged In Dfnkie 
Heel, Britannia Sec. and Parian. 


possibly as much as 700p to 
control of Calor. A leading 


rut 

oU 


who repeatedly bid the lion’s more t Sttp; market makers also 
share of the business, had no con* cited advice from Chase Mantiat- 

8IvLb!K£3hv»K£E£S 

effort earlier this year At the W^Bui^hfiHV would ahuort w ^£ comino S atod ^ honse .« ant on the former's share price; 
close of business, S. & W. Bens- not ** of *“ B id speculation continued to Badland, which recently set up a 

76 . ll£*L er ** . . drive Tne r chont banks sharply joint plasterboard operation with 

A ^., 27 c P at , 37015 ** *£?“ higher. Morgan Grenfell, said to be CSR and also acquired a Norwe- 

Hill Samnel spearheaded a ■ 2™p to 303p d urm g eariy trading Jade*. threat from Robert Holmes glan plasterboard concern, firmed 
dramatic advance by the mer- when a single deal of L3m shares ga CourL interests, snorted 29 to 6 to 521 p. Harley attracted good 
chant banks and touched 7l0p appeared on the Stock Exchange cog. Kleinwort Benson moved no suuDort on “chart breakouts 
before being suspended, at the ticker, a wave of bid 1? Hanbrm 15 to365p and suggestions and gained 5 to 195p f 

company s own request, ahead of speculation. They closed a net 20 ^ Warburg 10 to 519p, after 518p. while Ibsteck Jehusen put on 10 
a statement on the hanksftiture up jat JWJ -with ' more to 241p on prospects for its 

Analysts were confidently pre- rapidly to 17m shares. turnover of 40m with the - mvs- Portugese pulp mill operations, 

dieting the sale of Hill Samuel to The l~5m share trade was subs©- tgry ” buver said to have nicked Uajf int firmed 8 to 273p on talk of 

toe cash-rich TSB group wb°. they ^eSTiSSS^iSSs d<S ??StoP?bSush c^lar, whfie 

Bm^iS ^1- tiie morning Recent romoursthat Meyer, still reflecting a Wood 
on, BZW were said to be the prob- lou.uw snares, out it was sum Hanson Trust had aerhans Mack enzi e recommendation. 

able buyer of Hill Samuel’s corpo- ™ reduced its stake by 1 per cent or gained 10 more to 470p. Ward Hai- 
rs te finance department A state- company is being stalked by a UK were said to have been wide of ding s rose 8 to 204p reflecting the 

ment from Hill Samuel and TSB is independent, who could be seek- 10 08611 wiae or <rf a size able buyer 

expected fois morning with ded- teacquire Ron Bnerley*s 13 In ^^ ce were foa- ' SSteKeutish Property pat on 20 

ng^iwsjs ssasur^waws ■WiTFrt’srg 

attracted btd’Stt.ttioSr^S gS £j^5g.lW »ot 

quently abandoned, from Union wnted a general re-assessment of Willis 1 2 BJ9 per cent stake to 312p following comment on the 

Bank of Switzerland, and rejected Ultramar’s discount to asset ” ZZZ “ 

approach from advertising value. Kleinwort Grieveson's Phi- mor^n urem 


tionv and William Bedford, also 20. TRADING VOLUME IN MAJOR STOCKS 

to tbe good at 21Gp. 

Electronics group Ferranti Ttie fodowlng b based oa tracSog ¥ 0 *tsme for A lp h a securmcs dealt tfro c a b the SEAQ extern 
jumped 10*5 to 137Vip after a .yeste rday until 5 pm. 

turnover of over 14m shares with 


Consumer electronics group 


results. 

Difficulties in current 
earlier this 


trading 
hy 


an _ 

giant Saatchi A SaatchL . ana staged a successful market ivsku wu«t uua m j 

Recent rumours om impending Ultramart net asset value of S95p Aiea staged a successnu maroi were mirrored bv mail- 

takeover developments at Calor a share. debrt, the shares opealng at l»p 

Gampart or tbe old Imperial Con- PUklngten major glass manu- and advancing to 161p «mpa^ ^M™d^opection6th2tarrt- 
tinentaJ Gas. proved bang on focturer settlede a penny cheaper with a placing of 130p. USM flts wmSdri se toaruond 

target as la was revealed that Bnr- at 338p amid active trading; some newcomer Marcel, a computer nroaahS^a 

mah and SHV Holdings are 11m shares changed bands, consultancy concern, touched 

involved in talks which could including a block of 4^m shares 128p prior to closing at 121p which pre-tax outcome of just 009.000. 

result in them making a joint bid 336p. Brokers Cazenove who compares with a placing price of 
for Calor at “ a modest premium ” reportedly did the lion's share of 115p- __ 

to Wednesday’s closing price of the business, hod no comment on Bl»« Circle attracted good sup- 
500p. Calor jumped 49 to 5«8p the trades, but it is thought that port and rose 14 to 489p on reports 
yesterday after the 29p rise on one sizeable seller was accomo- that the company had posted a $B 
Wednesday. dated “in house.” cement price increase for its 

Burmah currently has a 2.4 per PUktagton settlede a penny Atlanta, Georgia operations, 
cent stake in Calor and SHV a 29.9 cheaper at 338p said active trad- Vague rumours that another 
per cent stake. But dealers said ȣ some 11m shares changed player may enter the plasterboard 
Burmah would have to pay a hands, including a.blofk of 4Sm market prompted further selling 
“ mfninmum » ofSOOp a share and shares at 338p, brokers Cazenove of BPB Indnstrles which dipped 6 


speculators chasing the shares 
higher amid rumours that a bid 
fro m either STC. British Aeros- 
pace or Smiths Industries is immi- 
nent; Ferranti last week 
announced an agreed share 
exchange bid for International 
SignaL 

Holls-Beyee showed no Anther 
ill-effects of tbe breach of the 
foreign shareholdings limits. 
Brokers reported institutional 
demand along with renewed 
inquiries from private investors 
and the price rebounded SK to 
2Up during a turnover of 
shares. Other Engineering fea- 
tures included Starchy Indns- 
up 11 at 221p, and United 
5Vft higher at 130p. Still 
reflecting a buy recommendation, 
m improved -21k more to 263.pt. 
Serimgeour Vickers rates the 
stock a very a t tra c tiv e situation, 
pointing out its most able manage- 
ment and high quality business 
portfblia 

Tbe offer for S. & W. Berisford 
put the focus back on the Food 
sector. Numerous stocks enjoyed 
enhanced activity and the list of 
double-figures rises was too long 
to mention, embracing top-quality 
and secondary issues. 


NEW MGHS AND LOWS FOR 1987 


NEW HIBKS (215} 
Ph BANKS 
CSX, 

CHEMICALS (SL 


(XU 

CSX 


HOTELS (4X INDUSTRIALS 
INSURANCE (31, LEISURE 
motors at. NEWSPAPERS 
.am. 


(MU 

»hi 


SMIPPfNS at. SHOES Ot T EXTIL ES 
OX TRUSTS (75), OVERSEAS 
TRADERS O), PLANTATIONS CO. 
MINES (5). HURD MARKET (XL 




<e> 

(3j CHyFed 
CANADIANS ,a> Bank .Nova 
'RANKS (1) Cfe. B'Cttf, ELECTRICALS [ Hro h a r SW il 
(2) Mm, . .. IHWadomn HkM— 


FT-ACTUARIES WORLD INDICES 


These Imfices are tbe joint eompOation of the Financod Times, 
the institute of Actuaries and tbe Facofty of Actuaries 


id 


EQUITY GROUPS 

& SUB-SECTIONS 

Figures In parentheses show dumber of 
suxrta per section 

Thursday October 1 1987 

Wed 

Tue 

Mom 

s 

Yw 

ago 

(appm) 

brier 

No. 

Oar's 

Change 

% 

EsL 

Eanrings 

YWd% 

(MaxJ 

Gross 

Dw. 

(Act at 
(27%) 

Esl 

WE 

Ratio 

(Net) 

idrf. 
1W7 
to date 

lode* 

NOl 

(TO# 

No. 

iRdn 

No. 

| NOl 

1 

CAPITAL GOODS put 

1008.72 

+0.9 

6.92 

2.79 

12,19 

1743 

999.91 

99763 

99333 

64934 

2 

Building Materials (30) 

126134 

+0.8 

735 

2 M 

16.97 

2127 

179MW 

125601 

1237 J9 

742-40 

3 

Contracting- Construction 03) 

1657.01 

+0 Jb 

662 

2.70 

2019 

27.76 

184618 

185053 

183537 

114101 

4 


2547.40 

+0.6 

679 

330 

1073 

4623 

253335 

252028 

254507 

i— a 

5 


9TOJK 

+1A 

7-47 

234 

1765 

3431 

2X22.99 

2302.94 

209042 

lflftJKl 

b 


53945 

+U) 

679 

2.97 

1834 

1070 

53402 

534J9 

yum 

35767 

a 


56758 

+0.9 

MS 1 

2.78 

17.78 

868 

58205 

«« 

58L96 

329JS 

g 

Mol orsQdl 


+05 

7 31 

237 

1624 

5.75 

40335 

HUM 

41556 

JtRfR 

10 


173338 

+06 

5.99 

330 

1084 

3524 

17ZS33 

172508 

17ZL06 

128966 

21 

COKSMMER GROUP flffi.. 

137665 

+07 

695 

231 

ZL40 

17.74 

136747 

136623 

137209 

90551 

22 


1224.49 

-03 

8.27 

331 

1528 

1731 

122845 

123132 

123764 

89587 

25 

Parri FA,inufac*i^irtfi 

104239 

+25 

7.07 

2.98 


1630 

10X767 

i 

102401 

67874 

26 

Food Retailing (161 — 

256436 

+23 

5.74 

230 

2X20 

365S 

2512-64 

250960 

252642 

187058 

27 

Health and Household Products (10).-. 

263454 

—03 

3-93 

134 

2 M8 

1641 

245646 

267271 

267672 

1513-97 

29 

Lctsvf (51)...^-. 

1459.71 

+06 

562 

303 

22.23 

27.70 

14S662 

142697 

143169 

90643 

31 


713.79 


5.91 

ZSS 

2227 

1075 

7X437 

71008 

69704 

45147 

32 

Publishing & Printi^n Fist — 

4998.96 

+0 j6 

439 

233 

3134 

6741 

496965 

4943.71 

490655 

2549.92 

34 


111539 

+09 

633 

261 

2 U2 

1437 

1 UU 1 

11U56 

111556 

83181 

35 


912.97 

+06 

692 

233 

1672 

1235 

987-19 

on* fti 

90872 

51772 

40 

OTHER GROUPS (86) 

117734 

+04 

7j41 

331 

1652 


117262 

117X02 

11 MJN 

74X26 

41 

AmiuJk (17) 

173935 

+03 

361 

130 

3633 

1566 

173848 

172909 

172633 

06 

42 


152530 

+07 

647 


18.91 



152879 


E77TTI 

43 

| n B 1 if-M ^ ^ LI l8R^PkPWWff|fji 


+oi 

685 

3.11 

16.70 




150267 

■pfeetj 

45 


2392.77 

+05 

737 

344 

1859 

m: ■ 

238L94 

2376.73 

237X26 


47 


116575 

+13 

917 

366 

1435 

1698 

1094.76 

■ ■ V 

1088-42 

73479 

48 

Mrscellaneouf 122J -- . 


-06 

8.71 

269 

1X69 

3228 

176111 

1763.76 

174274 

yppi 

40 

INDUSTRIAL GROUP (483) 

1242.73 

+a7 


2.72 

19.08 

18.96 




00479 

51 

Oil & Gas (17) 

227769 

■Bn 

mm 

mm 

mm 

mm 


227767 

FOT 

138721 

5ft 

500 SHARE IMP EX (500) 

l^vV.S 

KL L J 

670 

mm 

mm 

mrr\ 



FrT3 

cm 

61 


87959 

+03 


3491 

_ , 

18.77 

874*99 

87405 

87365 

572.76 

62 


86845 

+09 

1537 


860 

25.98 

86031 

86303 

87368 

1 W1B 

65 

pneurance (Lite) roi -- 

122933 

+04 




25.73 

1224.45 

rrrr\ 


80974 

66 

Insurance (Composite) <7> 

688.08 

-06 

— 

435 

— 

15.97 

68464 

68537 

682.93 


67 

Insurance (Broken) *9) 

128590 

+21 

864 

045 

1452 





f_li 

68 

Merchant Barries (12) 

51194 

+24 

— 

250 

— 


sous 

50437 

50429 

322.92 

69 


1345.72 

+oi 


230 

35.93 

1434 

134424 

133070 

1337.71 

726.72 

70 

Other Financial 127) 

595-86 

+02 

Wrr 


2X94 

931 

594.92 

59569 

59006 

33740 

71 

Iqvf^vnpul TniOf (QOi .. 

1282.95 

+07 


9ill 


■m 

119401 

119067 

rnrn 

77542 

81 


68454 

-03 

668 

235 

1752 

1041 

68022 

69907 

m 1 f'A 

306.95 

5L 

Overseas Traders (10) 



715 

3lS1 

1654 

■VKI 

131123 

TURBl 

131456 

tf7JS 


ALL-SHARE INDEX (722) 

1214.97 

+05 

— 

■m 

- 

KZ w - j 

120809 

E33 

1206.99 

77600 



Ifriei | 

■sa 

Day's 

Diy'i 

So 

Sep 

Sep 

Sep 

Sep 

Year 



No. 

E555 


L0«r 


29 

28 

25 

24 

ago 


FT-SE 100 SHARE INDEX 4 

wzm 

+7Jl 

ZSBJl 

237211 2M*0l 

2 SWJI 2»Wl 

234L6 


ism 


FIXED INTEREST 


PRICE 

INDICES 



arttitb B muaiuuit 
5 year, — 


5-15 years — 
Carr 15 years 

IrmlcerndWtS — 1 
AN stocks — 


twfci-UUd 
5 years.... 
Over 5 years. 
All SliK&S 


Preference 


Tin 

Oct 

1 


12013 

134LS5 

14L56 

13 LH 


U944 

uut 

1UAS 


113.75 


82.75 


Day’s 

change 

% 


■ 0,02 

0.15 

0J7 


-012 


+014 

+013 


+022 


Wed 


ML94 

13L91 


119.94 

11071 

111J1 


11X81 


rtrtl. 

uiday 


017 


006 


019 


rtadk 
1W7 
to date 


927 

1050 

1029 

on 

1005 


218 

ZAO 


007 


429 


AVERAGE GROSS 
REDEMPTION YIELDS 


1 

2 

3 

4 

5 

6 

7 

8 
9 

10 


11 

12 

13 

14 


15 

16 
17 


18 


■ ■■ » a 

nm htrivui 
hm 


Medan 

Capons 

H& 


Irredeenafaks 



tadu-LMnd 
lnflaUsnqie3% 
Inflation rate 5% 
MtflttH'dte 10% 
WinioBraelO% 


SyfX, 

OrcrSyTV, 

5yrx 

0rcr5yn-. 


Oetefi 


15 mn ] 


Tin 

Oct 

1 


9A0 

9.90 

9-n 

1033 

1016 

9.92 

1040 

1033 

9.96 

9.94 


415 


11.70 

1LSS 

1X40 


1098 


Wed 

Sep 

30 


%59 

9Sfc 

949 

1029 

1013 

9L92 

1038 

1029 

9.95 

9.93 


1» 

415 


416 


1X69 

1X56 

1X43 


10.98 


Year 

ago 

(approx.) 


9.70 

1039 

10.41 


1077 

1036 

1X47 

10.99 

1048 

1012 


4.94 

3.74 

359 


1X49 

1X47 

1X45 


LONDON TRADED OPTIONS 




CALLS 

i puis 

QptfON 


OeL 

Jn. 

Apr. 

OCL 

Ju. 

A*. 

ARM Lyot 

390 

57 

65 

78 

2 

j 4 

2D 

f-ara 

430 

30 

42 

57 

4 

15 

20 


460 

6 

23 

35 

25 

35 

40 

Brit Aiivjju 

190 

30 

__ 

_ 

2 

_ 

_ 

(*219) 

200 

20 

30 

35 

2b 

8 

13 


220 

6 

19 

26 

10 

21 

27 

Brit. A Cbm 

460 

77 

92 

103 

2 

5 

12 

1*529) 

300 

38 

65 

80 

5 

15 

22 


550 

8 

15 

53 

28 

35 

41 

BJ». 

1 130 

51 

64 

70 

2 

6 

22 

W77) 

360 

24 

43 

50 

5 

14 

23 


390 

7 

25 

35 

19 

27 

37 

Ban 

950 

70 

95 

120 

6 

25 

40 

(*1006) 

1000 

25 

63 

90 

15 

48 

62 


1050 

10 

42 

70 

SO 

75 

85 

Cons. Cold 

1400 

55 

145 

175 

SO 

95 

130 

(-1403) 

1450 

32 

115 

155 

90 

130 

160 


1500 

17 

90 

135 

130 

165 

195 


1550 

10 

70 

115 

175 

205 

235 

ft—taukh 

460 

74 

88 

106 

Ob 

7 

12 

(*529) 

500 

40 

60 

78 

6 

18 

30 


550 

10 

35 

52 

28 

42 

52 


Com. Ifobi 

330 

87 

98 

107 

1 

j 4 

S 

(*41W 

360 

57 

71 

80 

2 

5 

10 


390 

29 

48 

60 

3 

9 

15 


420 

9 

29 

41 

12 

18 

77 

CMeBWko 

460 

5? 

70 

100 

3 ‘ 

13 

25 

(*5051 

500 

20 

47 

70 

17 

27 

35 


550 

5 

23 

40 

52 

60 

66 

Britt* Gas 

165 

11 

2D 

_ 

2 

7 


«*173) 

180 

3 

13 

19 

9 

14 

17 


200 

1 

6*i 

12 

28 

30 

31 

C-EjC. 

200 

33 

40 

48 

1 

4 

7 

(*231) 

220 

14 

77 

34 

3 

9 

14 


240 

4 

15 

24 

13 

2D 

25 

GJCJL 

360 

54 

68 

77 


7 

10 

(Mil) 

390 

27 

46 

56 

3 

15 

20 


420 

11 I 

30 

40 

15 

28 

31 

Grand MeL 


77 ! 

93 ; 


2 

WM 

11 

1*574) 


33 

5b 

67 

5 

L] 

28 


wTTj 

7 

30 ! 


33 1 

EjB 

52 

l-C-l. 

1550 | 

o 

145 

170 

8 

30 

52 

(*1613) 


to 

110 

140 

21 

50 

73 


o 

u 

79 

no 

50 

75 

95 

jaqaar 

500 

78 

98 

no 

0*2 

8 

15 

1*574) 

550 

33 

63 

75 

5 

22 



600 

5 

32 

50 

33 

45 

55 

LM SrarWes 

500 

108 

117 

132 

Z 

4 

a 

(•603) 

550 

58 

77 

92 

3 

14 

20 


600 

20 

42 

60 

15 

X 

X 


600 

4 

23 | 

40 

50 

60 

65 




CALLS 

| PUTS 

Option 


me 

Feb. 

vet 

Notl 



mmm 1 1 ■ 1 

330 

53 

71 

79 

A 

12 

19 

f*379> 

360 

33 

49 

61 

12 

19 

28 


390 

17 

34 

«5_i 

28 

34 

43 



28 

14 

» 

23 

tfl 

P 

8 

16 



240 

6 

- 14 

tsfl 

23 

28 


Pnrieotiri 

1000 

97 

135 

152 

23 

25 

i 37 



67 

100 

117 

25 

40 

W r ' w&w 



35 

72 

90 

50 

62 

L H— 

P-K 

688 

67 

88 

__ 

6 

27 


7*738) 

700 

_ 


95 

_ | 

PS 



750 

24 

57 

67 

27 ‘ 

l9 


Raoi 

280 

69 

79 

92 

1 

6 



300 

50 

63 

76 

3 

n 



i 330 

29 

44 

56 

11 

a 



1300 

120 

105 



68 

6777MB 

Hlw t 1 *- • ■HI 

1350 

90 

Ell 

195 

pH 

95 

325 


1400 

70 

140 

175 

bfl 

120 

155 

Vta Reefs 

130 

X0*z 

16 

20^ 

8 

12 


it. - 

140 

7 


16*7 

13*i 

17 

Ej 


150 

Jh 

9“j 

13 

22 

24 

LH 

Tr. UL% 1991 

102 

2im 

mjA 



0. 


(*104) 


oa 


__i 

ii 

1U 



ET 

01 

KJ 


fil 

2fl 



108 

o£ 

kJ 

— 

E-i 

4A 

EJB 

Tr. 12% 1995 


! 


26 

amm 


WFe 

(*100) 


— 

— 

IS 

— 

— 

IJ 

TrJlk%Q3D7 


J JL 

4*| 

4H 

i 

2 


CUT) 


2A 

** 

E 

1H 

n 




1A 

2h 

3A 

21 



• 




zb 

4a 

5a 



AUrtoa Son. 

22D 

22 

31 

39 

1*2 

8 

20 

(*239) 


9 

19 

28 

0 

16 

19 


260 

2 

12 

20 

26 

28 

30 ' 

BrHoll 

^Eiil 


59 

67 

K3 


16 

1*337) 


LSi 

38 

49 

E|| 

tiH 

27 


^BuTiN 

mm 

24 

34 

km 

37 

42 

RoUi-Ropee 

195 

V 

26 

54 

ea 

6 

10 

(*211) 

205 

iia 

20 

28 

n 

10 

15 


2X5 

3*2 

15 

— 1 

mm 

15 


SMTns. 


96 

152 

183 

8 

37 

65 

(*1379) 

1350 

60 

122 

152 

22 

ss 

87 



32 

93 

125 

45 

77 

112 


1450 

14 

73 

103 

80 

103 

140 

Tntegv Have 

HO 

83 

87 

_ 

1 

2 


IM 09) 

rj 

53 

62 

75 

2 

5 

8 


fci 

25 

40 

53 

6 

IS 

18 


420 

6 

22 1 

35 

18 

30 

33 

150 

130 

u 

17 


i 

H 

3h 

(*141) 

140 

5*2 

n 

IS 

EM 

its 

8*2 


150 

lh 


EM 

Em 

El 

17 

VtDOtwortii 

KT7| 

EB 

52 

67 


7 

12 

(*361) 

-vl 

EX 

— 

— 

r| 

— 



E ■■ 1 

n 

— 

47 

eti 

_ 

a 



n 

30 

— 

ttt 

34 

— 




40ptftffig mdeit 2572.1; 10 m 2377Aa U 2381& Mow 236X0; 2 pm 2385J; 2 fat 23B3A 3 ptn 23BDJD; 3k30 pnf 237SL4; 4 m 23772 

t FI* weW. Highland towt record, bise dates vakin aid con^titiiffit dunoes vr puW^ed in Solunbor ium 


Option 1 


M 

Mgr 

Tcri 

M 

May 

Brit Am 


EM 

102 

112 

mm 

U 


(*534) 



73 

80 

rH 

22 


ll 

LI 

43 

55 

32 

43 


BAA 


u 

24 

29 

1>? 

6 

n 

C144) 

140 

U 

18 

a 

S 

10 

El£ 


o 

3 

9 

— 

16 

19 

CM 

BAT Inch 

rj 


127 

El 

2 

7 


(-698) 


I 1 

87 

LH 

9 

18 



Li 

58 

EH 

25 

35 


BriLTdvcM! 

E3 

El 

PS 

— 

2 

— 

— 

ran 

260 

rj 

WJm 

35 

6 

14 

10 

280 

urn 


a 

16 

24 

3D 

OMmi Schwppg 
(•2841 

260 

200 

31 

16 

44 

29 ! 

46 

35 

3 

n 

10 

15 

13 

a 

GuJmss. 

330 

52 

68 

73 

2 

KM 

10 

(•376) 

360 

a 

42 

50 

8 

rfl 

a 


390 

12 

27 

33 

25 

km 

35 

1 V 0 Vf>U 

420 

_ 


72 

_ 

U 

15 . 

1*4551 

443 

28 

— 

— 

12 

— 

— 


460 

W 

35 

46 

20 

2b 

35 



Dec 

fttar 

Arne 

Dec 

Mar 

jbae 

Antstrad 

160 

29 

38 

44 

7 

13 

lh 

t-177) 1 

180 

17 

27 

34 

16 

23 

27 


200 

9 

18 

25 

30 

96 

38 

Badijs 

550 

75 

92 

112 

7 

17 

22 

CM 131 

600 

85 

65 

00 

22 

35 

45 


650 

20 

40 

52 

50 

62 

67 

" — 

500 

90 

106 


4 

9 


(-581) 

550 

48 

70 

83 

15 

22 

26 



22 

43 

57 

40 

49 

48 

Boob > 


31 

46 

53 

6 

10 

14 

1*307) 


24 

35 

41 

14 

18 

23 


330 

10 

20 

27 

30 

34 

38 

BTR 

330 

47 

58 


6 

10 


(*362) 

360 

25 

37 

45 

16 

20 

26 


y» 

13 

25 

51 

32 

36 

41 

Bloe Qrdfi 


EM 

70 

!■ 

_ 

!■ 

28 

(*487) 


Fa 

— 

cf 

18 

pH: 




Ll 

47 

El 

32 

9 

48 

De Bern 

Sk'i'.B 

Kfi'M 

_ 


CHI 

_ 

_ • 

ir'mBm 


LixB 

— 

— 

rm 




ESs 

170 

— 

— 

CM 

— 

— 

Dbmos 

■CTTjS 


58 

68 

urn 

14 

18 

(^389) 


ffl 

38 

48 

IZM 

24 

28 


mr ~ . • ■ 


— 

— 

94 

— 


Q\ «B> 

lssa 

155 

210 


39 

60 


t*175» 


120 

180 


55 



1750 

95 

155 

200 

78 

El 

115 



73 


175 

205 

130 

245 


1850 

53 

EM 

150 

130 

160 

170 

Hanson 

U0 

46 



(Fz 



(*181) 

160 

27 

29 


llg 

3> 2 


100 

200 

12 

4 

lb 

8 



20*1 

22 


Loarto 

C| 

42 

51 

38 

s 

9 

13 

(*333) 


24 

32 

39 

15 

19 

24 


360 

10 

17 

24 

9S 

38 

42 

HUM Bk 

500 

__ 


95 


— 

22 

(*5481 

is. > - 0 

55 

— 


15 

— 

— 

550 

34 

55 

62 

30 

40 

44 

Stan 

140 

38 

42 


a 

n 


C17U 

mil 

a 

2fl 

32 

H 

JTW 

8 

E3 

8*t 

18 

24 

Em 


17 


HFTTTS 



38 


— 

ib 

(*195) 

1 183 

a 

32 

— : 

8 

10 


M77TS 

12 

22 

26 

12 

16 

18 


so 


14 

18 

28 

30 

34 


MTU 

« 

46 

LH 

2 

KH 

9 

(*273) 

260 

26 

32 


7 

pH 

15 

280 

24 

22 

EX 

16 

LH 

24 

Thorn EVl 

MgM 

97 

115 

135 

8 

o 

20 

(*724) 


60 

82 

us 

29 

LH 

42 

y 

a 

55 

— 

40 

Ll 

— 

UpUmr 

■51 

60 

gm 

Lfl 

ri 

24 

30 

(*635) 


32 

u 


11 

45 

50 


tJ 

15 

EX 


EJi 

75 

00 



66 

ii 

US 

15 

a 

32 

1*544) 

HaJ 

38 

ErS 

T9 

34 

* 

S3 

La 

19 

u 

SB 

65 

75 

80 


Option 

OeL 

Nok. 

o 

E3 

EH 

Nov. 

Dec. 

pST 


ESI 

250 

273 

■3 

re 

2 

6 

— 

— J 



ace 

ri 

E3 

— 

3 

ID 

15 

_ i 



157 

FJ 



b 

18 

25 



HTmI 

113 

145 

172 

200 

15 

30 

'35 

43 


l^V'l 

80 

112 

WTM 

163 

28 

47 

50 

S 7 


2400 

52 

80 


139 

52 

70 

72 

80 1 


2450 

33 

55 


US 

80 

95 

96 

L^. ! 


Dote L Tool Pm 14W8. 

ft-se Mex c* lySVi ms ym ■ 



601 

360 

370 


791 

560 


5« 


371 


Oota Pay's 
price doage 

06*1 ‘ -MPa 
574 +2 

« 

-1 

+2 
-1 
+5 

a 

+3 
-3 
+2 

+ib 

+5 
+9 
+11 

+r 

+15 
+1 

gs 

+10 
417 — 

-10 
+1 
+1 
—2 

1751a +5b 

297 +1 

03V 
190 


£10% 

343 

713 

368 

£ 10 % 

520 

609 

906 


211 


407 

£ 11 % 

139% 

304 

195 

724 

410 

272 


+1 

+3 

+r 

+2 

-1 

+9 

+12 

+20 

+3 

+5 


560 +9 


British Fan* 
CorporaUnfl 
Ind ustrials 

Of£l 


Mines . 
Others 


Rises 

F*Rs 

68 

30 

16 

4 

627 

296 

269 

78 

37 

29 

3 

3 

31 

79 

96 

84 


15 


270 

47 

8 


66 


Totals 


1,1« 


3,172 


LONDON RECENT ISSUES 


FIXED INTEREST STOCKS 


torn 

Prior 


Latest 

1987 

Stock 

doriog 

Price 

£ 

+ er 

£ 

m 

DM* 


Lb. 


— 

100 

F-P. 

_ 

109p 

105p 

Cm. M 

109p 

MOP 

lOO^p 

131p 

100 

998 


100 

F-P. 

— 

101p 

lOQp 

Brit A CattMv4Jf^£-Cm. IM.M 


loop 

FP. 

— 

xoep 

97p 

CtaWrflcMftcpi5tocCr.Cn.Pif 

-b 

n 

F.P. 


M5» 

130p 

Mnfln ML Cm. Co». M. .. . 

+1 

— 

F.P. 

— 

1004 

99% 

ShMt Afr^lb lDHptlS.M , „ , 


F-P. 

— 

1003, 

99fl 

Qo lOS pr W, O 5B 

-A 

8 

N9 

OT 

Tjppci 

Vou* 

ftoASX^rmn 3^ 

n 

.L 


£2) 

F -P. 

uni 

25± 

270p 

12), 

200p 

North HoBtngAaoc. 86% GHLM2057 ; 

Do.Zer9Corp.Lii.20Z7 

15k 

m> 

■a 

30Op 

FP. ! 

— 

113* 

nop 

WndMSf61h,7%Cai.Ciir.M.hf.OT 

nip 

OT-. 


EQUITIES 


Mee 


mo 

#130 


#S0 

#206 

10 

IJ 

100 

II 

00 

turn 

1Z1 

#100 

#Z5 

loot 

#100 

#uo 

#1050 

H 


PM 


PJP. 

F-P. 

P-P. 

FP- 

F-P. 

F_P. 
fJPm 
FJ>. 
F.P. 
F-P- 
F.P. 
F.P. 
F.P. 
F-P. 
PJP. 
FJ». 
F.P. 
F.P. 
F-P. 
F-P. 
F-P. 
F JR. 
FJP. 
PJP. 
F-P- 
F-P. 
FP. 


HV9 


W 

1102 


| 1W7 

Wgh 

Um 

m 

98 

163 

154 

265 

221 

27 

a 

84 

65 

108 

85 

102 

56 

158 

135 

LP. 

20 

265 

253 

67 

62 

107 

90 

135 

92 

no 

70 

23 

22 

354 

78 

145 

108 

128 

m 

178 

115 

98 

55 

108 

103 

281 

IBS 

521k 

515 

128 

105 

118 

101 

93 

83 

166 

143 




Alenitar(W) 

AtimtleABeb' 

BHPfiDUM»K5A|0L25 
IntiL 



4MpWn Pack 5p 
EFM OraeonTraMSp. 
EngNtft & Catedonta Inv 
First Spvtstl I.T.Wnb 
G.T. Vtaort SOM ™. 

Pol W a w a— C ■ 
I nfepootan 
Koam 


Ktataa0R6Gan50p ^ 

+Mart»l5p„ 
HledracrUb 


ihor ta Inv. War, _ 



•Swan Notdlags 

& Fr'dandtr IflpJ 


“RIGHTS” OFFERS 


dostag 


111 

163 

265 

Z7 

79 


155 

13% 


62 

96 

120 

100 

22 

135 

130 

m 

176 
90 
108 
270 
S19% 
113 
110 
88 
161 


+ or 


—2 

+2 

+1 


-2 

+2 


—3 

-1 

+5 

+5 


+1 


+19 


Net! 

ul ; 

1 

Tkes 

Cor'd 

Gtoa 

YkU 

PX. 

fiario 

L2J5 

U 

3L1 

23A 

136! 

22 

32 

166 

425 

2.9 

22 

2JL7 

LQ.7S 

24 

L0 

533 

L2J0 

35 

u 

220 

— 

— 

— 

461 



26 

as 



06 

42* 


— 

— 

129 - 

RL4 

30 

22 

aV 

UL5 

37 

13 



Price 


M 

Ml 

Ml 

Ml 

NO 

«M 

m 

NB 






1967 

Stock 

flftPno 

» K . . 

tTfpi 

in. 


Pric* 

. P’ 

iJlpHI 

103m 

208pm 

83pm 

BauLfhim. 

127pm 

UfaMt 

^upn 

34m 

138m 

32pm 

17pm 


TRHpm 

Bowthotpeinp 

50pm 

Him 

■ . 

49pm 

Brit. Vita .. 

78pm 

11m 


I’m 

COPE Date 

I 

4pm 

rartsfr Km M> - — 


208pm 

UtoariWJ... 

108pm 


Do A lev 

35pm 

9pm 

06pm 

WewjHfm malfip 


hwaJ IrchMiBn.., —■■ ■— 

■Mpiu 

36pm 

a 

own 

36pm 

7ps> 


88pm 

36pa 

fU. 

HRTMIlbO, 

uS. 

9pm 

norm 

fro 

29pn 

9Xk 1 

29|m 

iadn», ,, 

Sam 

wn 


««fcr*Smtaa Sp. 

ML ,. 

25pm 

OctiafAUfuMCfi 

26tm 

flopm 

Spm 

53pm 

78pm 

+P*rkhs CJJ llfji’. 

8ftpm 

■ 41 m 

3tom 

30pm 

22m 

| 

2Spn 

Zlpn 

«pn 

4TodSo 


bfim 

39pm 

IMfllHton ... — _ 

■wrc-_r_ “ 


■n«M 

+7 


+ 1 % 

+2% 

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5T 


. i 




V' 

■ - 
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» 

X 


-f 
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r 


Zr 


r- 


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.. i 


aptoLg AmwiM iS.lfluwT ml jlnu. JL rorcr tmi bp dMdad an Ml 

itHrt m P fONMM or «Mr exfaStoHSy 1 ? SSfSrj^E^?*- F »*>««» «*>|W4 

NNr QffltW (Mgf for M07. L SSS ilraiSN ll « 1 Owprom«M or 



i ! . 





f 



























































































































































































































































































































49 


^ 1 1 1 W K 


Times Friday October 21987 0 


WORLD STOCK MARKETS 


beuium/uixembburg 


'AN fCniHnwi) 

BdMnr 1 } J ♦_» 




CANADA 


SIR 

12121 


efc Mjb Im Out Ouq 

TORONTO 

Aices at 2.3Qpm 
October i 

ICA M $1% 1??. 12% 


Msb IM OMho Is* u 


ftigk Low Dost Obi 


1000 Gafflttrm 04 04 64 +2 

21220 Con Ball A $20% » 20% + % 

10100 COM B I 450 450 450 

650 Cara Goa 624* 24* 24* + * 


2600 

Conwat B 

614 

W, 

14 

+b 

600 

1100 

Corby 
Cosota LM 

519% 

*T0* 

10% 

19% 

M* 

+ b 


3800 

1400 


ISO 

617 

7400 

7110 

400 


AMCA M 
Atodto Pr 
AfltoW £ 
Aibrta En 
a mb n 
A lcan 
AJgoCwri 
Algfoma 91 


axco l 1 
Ate R 
Bk BCol 
BC Sugar A 
BGR A 


mm 

589 tO 
361741 




7000 Bratama 
300 Bro n W oo 
15400 Bmcftfl A 
10100 Brkwaur 
03260 BC Fort* 
3720 BC Raa 
12137 BC Phono 
300 Bnmmfc 
53850 CAE 
138750 COL B ff 
1300 Cad Fiv 
120400 Canabridg 
171251 Camp Raa 
800 Cmp Soup 
BggSO C ampaau 1 
277 CCam at p 
35BB48COC f 
88S16 C Nor Wrat 
2075 c Poem 
2785 CS Pm f 
100 Can Trust 
100 CG tore* 
148827 Ct Bk Coal 
200 C Marconi 
8100 C Ocdonkd 
202455 CP Utt 
35320 CTtaa A f 
7881 CUtfl A t 
1100 CUHI B 
8000 Cantor 
300 Can ran A 
1201 Cara 
300 Cara A V 
200900 Coma A 


601% 

814* 

647% 

«*ff* 

619* 

612% 

613 

613 

72 

527% 

614% 

624% 

631% 

515% 

638% 

185 


12%. 12% 
31% 31% 
34% 34% 
21 21 
14% 14% 

48% 47 
21 % 21 % 
19% 19% 
12 12 
12% 10 B 
13 13 

70 71 

27% 27% 

a s* 

30* 30* 

147 B 15 

30% 80% 
180 185 

23 23% 


5* 

613 


| 

300 

519% 

624% 


6 % 8 % 
23% 23% 
KB 105 
28% 26% 

9% 9% 

11 % 11 % 
33% 33% 
27% 27% 


700 CfWm 
149052 CiWitx A f 
1800 Car Rtt 

2270 Dm Non A p 

1882 Pontoon R 1 
3000 DwrtteOP 
12200 Dfcfcran At 
8100 Dfcftran B 
31438 Dofaoco 
B5B13 Domt PM 
1137480 Trails 


1100 DonotMJO 
440 Da Pont A 
11400 Dyta A 
134042 Echo Bay 
2200 Emco 
514 FCA Inti 
170852 FlcnbrOg 
12348 Fad but A 
8900 Fad Pton 
300 FCHy Flo 
20976 flanrloa 


$T7% 17% 
68% 8% 
202 202 
67% 7% 

w% 5 % 

375 375 

813% 13i| 
618 16 


17% -«, 

8% 


117 118 

620 19% 

20 


4400 Gondt* A 


-1% 

is 

+5 


18% 19% 
24 24% 


614% 

$26% 

615% 

350 

677 

S60 


620 

627% 

S13 

618 % 

619% 


618% 


8500 GentF* A 
2100 Cantrl Tr 


611% 

34 

621% 

»% 


11300 Gomputtog 
2301 Comp* in 


622% 

*V 


14% 14% 

28 88% 
15 1S% 

340 340 

77 77 

SO 80 
20 % 20 % 
20 % 20 % 
19% 20 
27% 27% 
14% IS 

w* !£• 

19% 18% 

35% 34 
16% 16% 
12% 

11 % 11 % 

30 80% 

21 % 21 % 
6 % 6 % 
22 * 22 % 
21 % 22 % 
7% 7% 


42550 Gokksoip f 
4000 GraOon A ( 
3150 GL Forest 
100 Hawker 
3343 Hayee D 
13750 Hera tod . 
102 H Bayun a 
4022 H Bay Co 


631% 31% 
112 % 12 % 
637% 36% 
614% 14% 

613% 13% 
630% 29% 
616% «% 
612% 12% 
619 19 

610% 10% 
215 206 

617% 17% 
3*2 

612* 12 
610% 10% 
515% 15% 

654% 53% 
528% 26% 
611% 11% 
624% 24% 
612 12 
623% 23% 


2 

375 +3 

«% -i< 

16 

27% + % 
110 +1 
t9% 

a + * 

Wo -% 
Wa + b 
Mb -b 
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30 

W% “% 
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19 ~% 

10 % 

208 *0 

17% 4-% 

32% ^ 

12 -% 
10 % + * 
Wl + * 
53% -% 
28J a -* 

& -b 

12 -% 


2200 ftOCC 
4000 M8R Ex 
36614 Melon H x 
2000 Meta HY f 
16637ft MocmHan 
149200 Magna A f 
3400 Maritime I 
700 Me Myr* 
500 Mlnri Ran 
6100 MM Corp 
3400 Moffat 
2086 Mtoto A I 
750 Motam B 
1700 M TnnaB 


1000 

4000 


16052 Imp 09 A 675% 75 
113121 taoo 630 28 


100 Inland Cm 
38700 tanopao 
5400 Inter City 
76100 tad Thom 
3002 Mpr Pipe 
.49 QiBQ 
*900 toaco A f 




25400 Kerr Add 
1050 JOene end 


-1% 
+ % 
“% 

+i 


114285 LL LBC 


513% 13% 

612* 11* 
517% 17% 
514% 14% 
850% 50% 
612% 12* 
816 16 
624% 23* 
628* 27* 
619% 19* 
627 28% 


33 

a 

If * s 

as ' 

u 

®b -b 

19*2 

» 4 


2086 MM A I 
750 Matson B 
1700 M Trim 

50000 Moore 
34300 Net Bk Can 
5476 Nl Vg Tim 
1500 M CapA I 
4800 Nlkl UP A 
190825 Normta 
6195 Norcan 
8673 Norm ord f 
15362 NC Otis 
109142 Nor Tel 
6500 Northgal 
K»00 Nowsco ft 
1000 Nu West 
4000 Numoc 
2800 Oakwood 
1000 Oakwd A ff 
380 Omega Hyd 
200 Oshawa a ff 
78635 PaCW AM 
58060 Pgurtn A V 
8800 Pamour 
500 PanCan P 
78818 fHigaeuc 
101 PJewl A ff 
610 Pine Mm 
27950 Poco Pet 
27434 Powr Cor f 
105 Pre ca mb 
29500 Proviso 
4800 Qua Sang 
58010 Ranger 
15100 Rayrock I 


514% 14% 

370 370 

623 22* 

620* 20* 
527% 28* 
622% 22% 
SIS* 15 
600% 80% 
420 420 

55% 5% 

SU% 15% 
624% 24% 


516* 10* 
W3% 32% 
313* i^b 
622* 22* 
610 10 
618* 18% 
636% 34% 
624* 24% 
521% 21 
121% 21* 


1000 

380 

200 


PanCan P 


19% 9% 

621* 21 
4f 41 

612% 12* 
386 380 

200 200 

68 8 

622* 22* 
624% 24% 

510% 10% 
614% 14 

630% 30% 


W4 -* 
370 

22* -% 

I?* 

27 + b 

ZZb 

IS -h 

«b +«, 

420 + M 

-*l 

P 

IBIg 

32% + % 

IP* 

S’ 8 

10 4 * 

W% +* 
35 -% 

g«% -* 

£. -% 

21% 

29 

9% 

21* +* 

41 

12 * -* 
386 +5 

200 +5 

8 -* 

»5« +1, 

M -H 

»b 


Hu 

M 

High 

1 am 

On Cho$ 

37764 

Shell Can 

$45% 

45 

45% 


8300 

stwnm 

30 

6 

9 

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13705 

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$23*4 

23 

23*4 

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23770 

Spv An 1 KPb 

2> 


”% 

100 

Stolnbg A f 

$38% 

38% 

38% 

+* 

12576 

State© A 


25 

25% 


27710 

Tack B fl 

£547) 

34% 

34* 

+ * 

10630 

Terra tin 

175 

172 

172 

-3 

2067 

Tom© Con £36* 

38 

36 

+ * 

14960 

Thom N A 

£31 

30% 

30% 


144306 Tor Dm Bk 

$31% 

31 

31* 

~* 

1330 

Toraur B I 

$33* 

33 

33 

-* 

962 

Total Pot 

«* 

»* 

25* 


209 

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$67 

67 

67 

-1 

4405 

Trra ftfi 

£16* 

16 

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+% 

33381 

TmAUa UA 

£20% 

2B* 

20% 

+ * 

18781 

TrCan PL 

£17% 

17% 

17% 

+% 

28962 

Triton A 

$16% 

ia 

10* 

-* 

500 

Trimra 

460 

400 

460 

-IS 

6000 

Trinity Ras 

88 

68 

88 

-2 

26375 

Trizec A f 

£32 

32 

32 


5500 

Utoew P 

305 

SOD 

305 

+B 

104 

Urt Car tod 

£16% 

10 * 

w* 


3744 

U Entpria* 

£10% 

K* 

10% 


1000 

U Carso 

102 

102 

102 

-7 

600 

Vtoigron 

445 

435 

445 


9600 

Vulcan tod 

280 

280 

200 

+ 1 

450 

Wtora A 

SW| 

10% 

IS 1 


4079 

Weoasi T 

£17 

W B 


-* 

1558 

Wastmta 

$11% 

11% 

11 % 

-* 

1080 

Weston 

$41* 

41% 

«j% 


2850 

WoodHid A 

$7i 4 

r* 

7 * 

-* 


F-ffta voting rtghB or 
rtghtB. 


msicied voting 


101 PJrart A ff 613* 10% 
810 Pine Potal $13 13 

27950 Poco Pet 618 17% 

27434 Powr Cor f 116% 18% 
105 Pie ca mb 330 330 

29500 Provfgo 610% 10* 
4800 Ova Stan 56% 6* 

58010 Ranger 67% 7 

15100 Rayrodc I 612 11% 

3900 Redeem Sll W 8 
1700 Regionl R 340 335 

500 Retanan A ff 623 23 

85272 R ontoano a 616% 15% 
28206 Rdpftp ff 618% 18% 
13080 Rto Algom 623% 23 
300 Rogot* A 625% 25 
2200 Rogerg Q f 626 2S 
1100 Roman 14% 

81581 Royal Bek 632* 31* 
14777 RyTnco A 615% 18* 
15186 Royoor 55% 5% 

3301 SHL Syd 630 2% 

3800 S8. CmA ff 614% 14% 

67100 Sceptre 66% 6* 

1800 Scot Paper 618* 18* 
1200 Scads f 612% 12* 


632* 3l7j 
615% 18* 
%SU 5* 
130 29% 


1300 Lumonice S5a 8% 8* 4-* 


23615 Sears Can 611% 11% 
16100 8otidrfc A I 628* Zfi* 


i? 4 + £ 

S'* 

r« 

a 

23 

16% 4% 

S' :i 

25 

25 4% 

14% +* 

32 -* 

«* "* 
5* -> 

30 +* 

14% -% 

5% 

M* -* 
12 % -% 
98Ib "* 
11 % +* 
25* +1* 


MONTREAL 

Closing prices September 30 


40130 

Bonk Mom 

$31* 

30b 

3«i 

-b 

1400 

BombrtfrA 

*i«i 

11* 

11* 


37585 


£11% 

IT* 

iib 

-b 

1400 

C8 Pak 

£18% 

16* 

«b 


12281 


£10 

OS* 

10 

+ ! 4 

9100 

CoeBatii 

$20* 

20 

207 P 

+b 

4096 

DomTxlA 

£20 

19% 

20 


2950 

UntTrst 

ST6l« 

16 

16 

-h 

80494 

Mfflk Ode 

£13% 

13% 

13 

"* 

15500 

Power Corp £16% 

wb 

*b 

-b 

0367a 

Prurigo 

$10% 

10% 

10* 


2600 

Ropap Eftif 


18*4 

w 1 . 

"* 

200 


$22 

22 

22 

-1 

11910 

Royal Bonk 

$32i 4 

317) 

«b 


2400 

StolnbfgA 

$38% 

38* 

38% 

+b 

5875 

Vktootron 

514% 

Mb 

W% 

+ * 

1 Total Salas 7.309365 shores 
& 




Indices 


OVER-THE-COUNTER Nasdaq national market, closing prices 


Sail* High Lm 1m Qm I suck 

(Wd 1 


8 rin Huh law lad Bag 


Condnoed from Page 


OMI Cp 

owrpf 

OcvUrg 

OgilGp .64 

OhtaCosI 58 

OlOKnts 80 

OldRopSIb 

Omnlcm .96 

OnoBc .40 

OnoPrc 

OpttcC 

-Opucfl 

Orectea 

Ortni 

Orgngn 

CtohBA -54 

QsftkTB .30 

OnrTP 292 

OwenMn.36 

PACE 

PCS 

PNC 168 

Fatat 180a 

PacFsi.20* 

Pontera 

Pansan 

PaaeN 

PeufHre 

Peychx 

PegGId 


Roniair .69 

Pectwts 

PooBnC 1 

P&ooHrtSOa 

PooWst 

PmpSs 

Perme 1 .12 

Phrmct 

PhrmcM5e 

PicSevs 

PicCafe .48 

pionHi 1.04 

PlcyMg 

PoJghSv.20e 

PrecCtf .05 

PresLts .06 

FrsmCp .50 

Priam 

PrtcoCo 

PrceTR 

PrtovO-IGi 

PnsGp 

ProiLle .70 

PrvUe 64 

PgSCBc 60 

PuttzPO .40 

Port IBs .11 

PyrmT 

QMeds 

QVC 

Quadra 

CuakCh .50 

Quorum 

Outksfv 

OilXBO 

RPM 72 
RedSva 05a 
Reeves 


o o 

60 575 63s 6>. 

io si a®* 

31 ISIg 13b 

M 651 36b 36b 

S 2S1 43>« 45 

10 209 25 SAM 

10 1050 29 2Sb 

1404 27b 267g 

7 228 15b 15>j 

667 Wb «b 
63 515 16b ,H * 

7* 599 24 25 

92 3162 33b ^ 
S 211 7 er* 

418 Z3 21 
21 363 70b 69 
MJ 195 29b Z®** 

12 12 391. 3Sb 

14 SB7 20b ZD 

P Q 

887 67j 6b 

58 *5 5*b 

13 820 4Sb 4*b 

16 KS 79j 75U 

51554 20b 20 

30 1123 10b B7 S 
27 TO 30b »b 
7B 16b 16b 

19 W M tSb 

46 115 29b 28b 
84 1219 22b 22b 

14 57 31 301. 

18 118 28 27b 

18 776 24 22b 

44 42 69b 681. 

431 17b W| 
12 63 28b 2Bb 
81110 1 A. 611b 
27 707 55b 35b 

418 3b Jb 
37 484 29 38b 

19 1470 20% 201. 
18 10 17b 17 b 

21 688 3Sb 3Bb 

27 3225 26b 28 

81153 1Bi« 17b 

23 338 39*2 38b 
84 83 18b 17*4 

23 49 15> 015 

440 2b 2% 
533068 471. 46 

17 125 34 330. 

to 51 11b 

187 10 9% 

11 40 16b 10% 

6 1339 221; 22b 

« 125 241. 24 

37 148 45 *< 

22 156 3b 25 

1137 KP? 9b 

29 1697 7b 5% 
48 10 9b 

184 » 9% 

17 IBS 2Sb * 
56 1259 17 16b 

23 166 16b 15b 

SI 1t% *1% 

R R 

20 742 24* 231* 
so 516 ii* 

28 104 12* 12% 


RgcyEI JO 
Ramnas 


*i » 

(IMQ 
1313 
5B 103 


«*+ % 

20% 

T3% 

3B1n- * 
<3* 

25 + * 


27 + % 
15%+ % 
19 *+ * 

an 

33*+ % 

T 

23 +1 
69* -1* 

29*- * 

89* 

20*- * 

6% "" * 
34%+ * 
46%+ % 
761?+ % 
20% +1* 
10*+ * 
30% — * 
16% - * 

14 + * 
28* 

66% 

31 

28 + * 

24 +1 
68* + 1* 
IT + * 
2B%- % 
11%+ % 
35*+ % 

3% + 1*11 
26%- * 

»*- % 
17* „ 
38% +2 
na 

18* +1 
30%+ % 
17% 

15 - % 

A 

47* +1 
33% + % 
11 
8% 

«%+ % 
22%+ * 
24*+ * 
46 

25*+ % 
10% + % 
7 + * 
10 + * 
0% 

26 

10% 

16% 

11% 

23* -1 
11%+ * 
12*+ % 


RepAmJOe 
Reutttt Mm 
Raxon 
ReyRy JS 

n. n. 

RltHlm 

RctKfrta.05e 

AlggaNM.10 

RoBdSvl.10 


a 122 

35 

14 283 
1126 

15 626 
162346 

3 
B1 
06 
31 34 


RgrCbA 

RsvflFd 


RoyGId 

Roylpre 

RyanFs 


SCI S^B 

somu 


311 
31 
IBB 
W3 
1159 
77 175 
2D0T29 


2% 213-32 

«* «* 
20% 20 
16* 15% 
15% 15 

IF % 

sS A 

37 37 

8% 6* 
W% 
29 28* 

38* 38* 
12 % 12 * 
18% 16* 
12 11 % 
23 21% 

B 7% 


2% +1-16 
6% 

20% + % 
«%- % 
16 - % 

* 

88 

8 

20%' % 
37 - % 
B%+ % 
«% + % 


scuta J56 12 998 


SohktSv 
Soutrst M 
Sovran \M 


Standjy 120 
maiir 
Stflage .44 


wi 1^ 


SHL Sy» 
SKFABL47S 
SPIPh .07 
SbKMs .871 
Satacda 24 


SUucte 

apnuiB 

Stf’flutol.TB 

SaMck 

SFFdl 

Sonfrde 


SctUAe .40 


Settle 

ScotCO 


Sodrgt .16 
BeomF 


Sol be) .80 
Selcdnsl.OB 

Sensor .05 
Sequent 
SvoMer .08 
Svora -is 
SttfMed .72 
Skwmt 204 
Shonoy -IB 
ShOtiSo - 
Sborad 
SigmAi -20 
S^mos 

SilcnGr 

SttrtonS 

SiiicVto 

SiltCAX 

StvStkAi 
BmtAir 
Bator 
j . Snip iFi 

I SooHHysi.20 
I SootySv .35 
: softwA 
I SBwPb 
t SofwcPa 44 


s s 

291060 220* 21% 
14 100 13% 12 

484 16* 16% 

BBS 23* 22% 
25 60% 00% 
CB IB 17 
1672 27% 27% 

137210 11% 11% 
8 14253 llW* 33% 

23 265 11 10% 

IB 1128 26% 28 

1333 12% 12 

101906 54 88% 

Z7 588 15* 137(| 

111 We 16% 

19 12Su3t* 31 
IB 409 15% 16% 

21 516 44 42* 

TO 156 M* 13% 
2B 620 II 8% B% 

610 29% 25* 
920018 2D 18% 
25 21 27% 27% 
2B 304 26* 24* 
30 9% 9% 

fl 106 16% 15 
0 27 26 24% 

24 980 12 11% 

607 19a 15% 

248 7% 7% 

77 572 13% 12% 
131584 28b 28 

23 305 48 47 

32 868 29 26% 

14 428 12* 11% 

22 426028% 29* 

31 66 47* 46% 

20 164 18 17% 

481323 21% 21 
311483 14% 14 

61 1185 13% 12% 
31 500 11 10% 

336111 ' 2* 1% 

B 2B9 TO* 10 

24 87 IS* 18% 
13 108 21* 20% 
10 W1 67% 67 

9 SB 21% 21* 
16 111 12% 11* 
181510 K> . B% 
20 223 Z7% Z7 


.39*+ % 
*3%+ % 
16*- * 
12 

22*+ % 
•S-i 

127*+ % 

22%+ % 
12 

15%- % 

23 + % 
60% - * 
T7%- % 
27% 

11% 

3S* + f% 
11 + * 
20)+ 7*. 
12%+ % 
54 +1* 
16* + 1% 
19*+ % 
31%+ * 
1S%- % 
44 +1% 
13%-% 
8%+ % 

S p- % 

a+1% 

27% 

25* +1* 

a 

3 <%- * 
11% 

15% 

T%+ % 
13% + % 
36% + % 
48 +1 
28^8+ % 
11% - % 


Siwtt JS 


231183 
146 
14 1545 
10 35 

21 18 

a 38 


Q&wfaerjB 

Sftyfcr* 

StudLvt 

Subaru JSS 

BuffRn ^0 

Bomoa72b . 

SunGrd 

StmMtic 

Stimuli 16 

ByvnbT 

Sjrmtile 

Systtn 

Systotg 

SySoitw 

SyvtmK .12' 


» 7 

33 55 
20 
781047 
« 17 

16 163 


848561 
10 53 
51 432 


11 307 
16 ISO 
335 
30 854 


TDA M 

TC8V 

TCF 

TUK JD* 
TPi En 
TS tods 
ISO 
Telman 


Tetaiwd 
TtamAe 
TtCmwt . 
Tetoda it 

Teintto 

Talato 

Totamo A Tig 

Tennant M 


47 

18 

21%+ % 
14%+ % 
13*+ % 
11 + % 

2 - * 
1fl*+ % 

«l+ * 

6i* + * ; 
37*- % 
*tb 

12b- b ■ 

w + b : 

27b 


acorn 
ToMoPs.19 
Topes .17 
TWApf 
TmMus 
TrfSur 
TriedSy 
T rimed I 
Tsrtcp 1JB 
20Cnki JS2 
TycoTy 
Tysons 

USD AS 
UTL 
Ungmn 
UniS 

lAPMrJQt 
w*m 
UAQm .04 
UBCol 441 
JLIHttQr 


Sttt HVh Irar Ud Otog 
pBBf 

606 6% 6%+ * 

12 386 26 25% 28 + * 

758 46 23* 22% 22% - % 

38 14% 14 14* + * 

9 327 22* 21% 22*+ % 

10 918 38* 377* 38 + % 

5B 11* 10* VT*+ * 

60 240 44* 44* 44* - * 

22 48 52* 81 5?* + % 

665 13% 12 18% + 1% 

231183 26% 25* 2B% + % 
MS U 17* 18 + * 

141545 60 28% 29% - % 

10 35 26* 25% 28* 

21 18 25% 25 28% + % 

6 38 18% 18* IB*- % 

453483 34 6S% 83%+ % 

B 7 45 44% 46 

33 55 25 28 25 

20 75 73 78 +2% 

781047 11% 10* 10*~ % 
18 17 13% 18% 13% 

16 163 30% 20% 30 - % 

26 3B6 19 17* 18% + T% 

848561 33 36* 87% + 1* 

tO 53 33 82 32*- * 

51 432 41 40% 41 + % 

659 4 6% 3% + 1-11 

11 307 11* 11% 11%+ % 

W 190 7* 7% 7% — * 

335 20* 19% 10% - * 
60 854 29% 27% 29% +2* 

T T 

172823 13% 13 13%+ % 

871264 27% 25% 27% +1% 

27 740 12% 12% 12% 

22 483 11% 10% 10% - * 

12 419 10% 10% 10% - % 

291 4% 4% 4% 

152 388 34* 33% 33% -1 

9 218 10% 10 10* 

04 10% 10* K)% — % 

31215 3% 3% 37-16 + 1-14 

22 17 14 13% 14 + % 

166244 12* 11% 11% - * 

50MB 27* 20 27% + 1 

30 60% 50 60% + 1* 

48 090 40% 46% 40* 

83 108 IB* 12* 12%+ % 

22 71 15 14% 15 + % 

23 f 858 22% 22 22*+ % 

18 33 30% 80% 30% — % 

340 21% 21 21*+ % 

329166 23% 2Pa 231) +2% , 
792142 70% 68% 89* -1% 
302 20% 19% 20%+ % 

16 31 d30* 31 - % 
SB 23 28% 20i 4 28% 
288019 15% 14% 16% + * 

24 108 13* IS* 13%-% 
205 10% 16* 16%+ % 

12 219 31% 31 31 - % 

181372 20* 277) 28* + % 
11 827 IS 14% IS + % 
22 720 22 21% 22 + % 


Sato Low IM Qwg 


UUSvre .72 6 

USScp .80 10 

US HOC .16 11 
US Sur 4021 
US Tie 1 14 
US&ai 48 21 
UnTetev 55 
UnvFrs.B3e 17 
Umf«3S» 19 
UnvMocLBO 16 


VBoid 

VU 

VLSI 

VM Sto 

VWR 40 

VaHdLo 

VaWD 144 

VanGkt 

Veronxg 

VlCOtp 

VtowMa 

VUng 

Vipont 

VTralek 

•WO ww 


WD40L328 

OTD 

W&Um 40 
WoBhEst28 


15B 21 
822 27 
2350 8I4 

071 29% 
263 44* 
232 20% 
143 33 
168 19% 
220 7* 

319 5* 

V V 


20 * 20 % 

20% 2S* + % 
3 8%+ * 

29* 29% +1 
43% 44%+ % 

19% IS* 


32% 32%+ % 
18 18%+ % 


18 18% 

Sb*5 11-16 + vJf 


13b + b 

W|- b 
KPj- b 

8^-1 

101 . 

wb- b 

37-W + 1-H 

m + b 
l»b- b 
27b + 1 
60b * V* 
«b 

iZb+ b 
15 + b 
221. + b 
30b- b 
211 . + b 
231) +z% 

8914-1% 
20%+ % 
31 - % 
28% 

16*+ * 
W4- % 
W%+ % 
31 - % 
28* + % 
15 + % 
22 + % 


WMSBa 40 
WairlGI44a 


WaueP 48 

WbmFn.05e 

WaflMtt 

WeRmn 

Werner .04o 

WatAut 


u u 

16 23 26% 28 
21 643 14* 14 
302271 9% 9% 

23 321 20 19* 

W 430 33% 32% 
251437 40 47 

232 4 “27* 27% 
30 67 24 23% 

16 149 6 5% 


WdFSLKto 
1 WnWftta 
WsuPb 
wmA 

WstmriE 
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Wyman JO 

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Xytooto 

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Zondvn 

Zycad 


82 84 39* 38* 
1353 0* 5% 

1424201 17% 15* 

231663 15% 15 

11 173 2B 27% 

2033487 5% 4% 

54 270 38% 36 

427 8 7% 

451 0* 9* 

464 11% 11% 

13 557 ID 9% 

16 245 18 17% 

1102501(129* 26* 

1208 32% 31 
174 62% 62* 

w w 

23 35 34 33* 

24 24 22% 22% 

121941 26* 25* 
19 643 16% 16* 

0 62 29* 28% 
56806 u2G* 25 

16 301 22 21% 

19 40 22* 21% 

12 05 3T% 31* 

25 11* 11* 

14 20 20% 20% 

1242 32 31% 

22 12 20% 20% 
32 94 13* 12% 

10 202 18* 16% 
6 021 36* 38% 
24 25 24 23* 

19 324 15)4 147 b 

14 485 17% IS* 
420 20* 13% 

13 35 22 21* 

35 497 25% 25 

17 37 51% 51 
2245 25% 24% 

15 74 00% 58% 

15 382 21 20% 

3$ 14 13% 

14 18 29% 29* 

26 144 10% 10% 

18 386 11 % 11 * 
117 7 17% 17% 
12 44 15% 15*4 

815 12* 12% 
563 7* 7% 

24 862 24% 24* 
6 18* 16% 
2510477ii39* 37 

X Y Z 

980 20 18% 

2141207 15 14 

2378 13b 12* 
10 56 18 18 

28 310 12% 12 
232854 40% 39* 
435 14 ft* 
60 S t 5% 


Wj+ % 

17 +1* 
27%+ ^ 

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s;=i 

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18 - * 
28% + 1% 
32*+ % 
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84 + % 
22*+ % 
11 

21% — % 



26.12b 

24.39m 


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- 23 

- 4 

- 14 

- 17 


26 +1% 
2t%- % 

20% 

32 + % 
20*- % 
72%- % 


Si 5 
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17% +1 
20*+ % 
22 

25* + * 
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251)+ * 
5B*+ * 
21 + * 
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29* 

10 %- * 
11 *- * 
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15*- % 
12 %- * 
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20 +t* 

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16 

12 %+ * 
40*+ % 
14 + % 
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r n\mn\T Chief P™* chan 9 0S 

I jf f|\ i H J (in pence unless otherwise indicated) 


RISES: 

Assoc Brit Foods _370 +27 
Berisford (S & W) _425 +76 
BL Circle isds, 489 + 24 


Caior Gr 549 +49 

Bag. China Clys 579 +13 

Btam 332 +16 


Ferranti 137K + 10% 

Hogg Rob & GJML _238 +11 

!h_ .Tohnsen 241 +10 

Midland Bk 548 +10 

Morg. Grenfell 588 +29 

Northern Foods —300 +10 

Peachey Prop 448 + 10% 

RHM 308 +11 

Reed In tL 60S +15 


RllsRyce 

Murray (Sand.) 
Staveley Inds. . 

TraLHse 

Ultramar 

Willis Faber™ 

FAILS: 
BPBInds. 


+ 5% 
+47 
+11 
+ 12 
+20 
+20 


- 6 


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50 


Financial Times Friday October 2 1987 


NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


Cfr'gi 

1“ M o nt h Pf S h Qdse Pm. 

Kfd Low Stock Div. TO. E 190s fth low Qkzv Dose 


38*2 21 
52 »i 
32*4 1ft 
2 S % ft 
9% *8 

85% 50% 
27b 247, 
38b 35 
12b 0*4 
73'j 3<% 
21% ft 
B7 4ft 
2B 23b 
9% 

10b ft 
& a 19 
19b 10 
zft iz% 

24b 12% 

s«% *7 
11% 5b 

21-b 17 

15 ift 
&n* 53 
B3b 

»A iff, 
ft 2% 
5ft 32* 
M iSb 
15 75® 

20% 16b 

15-32 b 
1ft 6*i 
IDS 92 
90b 77 
2ft 173* 
20b 14% 

24 13b 

06 41b 

32b M% 
37% 10b 

30 19b 

30 22b 

SO 1 : 36’0 

SJJ1-, 407; 

24b 113a 

20b 11 

34 26 

49i* 35b 

100b 52 
160a «b 
24Ta 19b 

44 24 

«9b 3ft 
3)* 2 

37b 9% 

10% 10 
33b 2*% 
W3* 32*8 

32 27b 

29f* ff% 
473* 32b 

41b 21*4 

30% ft 
60 40^ 

34% 3lb 
2ft 2Tb 
31b Mb 
29a & 
35% 29b 
2*b 1ft 
ft 2b 

57 36 

31*9 25 
40b 26b 
IBb ID 
443* 34l« 

21b 141* 

533* 51b 

20 15'* 

'ft 

96% 7|% 
W? 77b 
033* 54% 

20% 14 

51 24i* 

SB S3% 
171; 15 

19b lib 

2ft 10% 
lib ft 
55 36b 

SO 1 * 51b 
93b 63b 
fiQi* 541; 
35% 22% 
521; 40b 
53 

2?i 17b 
IT 1 ; 14 
171; 14b 

131; 9>* 

62 75 

54b 301* 

134b 105b 
37 27 

293* IPs 
3Bb 25b 
12b 10 
40b 21b 

37b 2ft 
ft 1*2 
001* 621* 
711, 35b 
IBb 13 
221* 10b 
I67 a lib 
3ft 287* 
10b 3b 
347a 16% 

237| 14i* 

301, 10% 

34% 23% 

16 11% 
40% 24 

155 63b 

15% 6b 
15% 10 

12b ®% 
11 % 6 
33i« 29 
31% SB's 
4019 13% 

27b in? 

36b in* 

94% 86% 
3Qi* 14% 

261, ig% 
59 47 

141* 4% 

25% 1* 

45% O 

47% 25b 
29<; 13'; 
12% 3% 
21% 9b 

33 20% 

39% 2T, 
333* 131* 

71% 55 

12 9% 

15% 10% 

23% 15% 

41% 31% 

99% 53b 
235% 120b 
53 13% 

9b 5% 
Zft 15 
2?% 17% 

54', 31% 

a Jb 

251* 12% 

29** 18% 

39% 25% 
*»i 26b 

371-* 10 


11 

u 

43 
T.7 24 


2.7 15 
3450 
13 

1.7 M 
24 17 


12 
1.0 0 
40 9 
.5 22 
127 


20 22 
22 12 
25 


.8 14 
1.0 21 
1.1 IB 
1.4 20 


3.7 24 


J3 

7.7 10 
1.0 34 


10 
39 14 


AAR a .50 14 23 
AOT .92 1.8 29 
AFG S .19.5 11 

AGS 3 22 

AM Inn 64 

AMR 12 

AMR pf 207 10. 

ah co cnn 
ARX 3 11 

ASA at 23 
AVX 43 

AXXUb 1 1.7 24 

AMtlbi g 

AonoC .40 27 15 

AcmoE.32b 34 59 
AxjjEji 342b 13 

AdmM a .24 1.7 11 

Adv5y362l 24 17 
AUD 

AUO pf 3 9 l 5 
ACOtW 

AdoD pf 240 12 
Advcsi .12a 1.0 9 

AdfriU Z76 46 9 

AfilPts a .32 .5 22 

Ahman&B 42 7 
ajumhi 

AirPitJ 1 20 22 

A.itFft .60 22 12 

AJrgasn 25 

Airioas&lla 12 
AJMoan 19 

AloP dpi 07 10 

Al«p pf 0 44 lO 
a Lap pfBJZB 10 
AiskAJv .16 .0 14 

Alberto .24 1.0 21 

AibCulAM 1.1 IB 
AJntSHS 96 1.4 20 

Altns «N 

Alcan 9 .60 1.6 22 
AlcoS s .64 24 18 
AlexAli 1 3.7 24 

Alejidr 69 

AhegCp 
Algim 
Algln pr 
AJgLudn. Iflo -3 
AligPw2B2 7.7 10 
Aliegn 1 1.0 34 

AllenG .56 3 5 

Align pM.75 65 
AlidPd 10 

AkJSgnl.80 39 14 
viAlliaC 
AltaC pf 
AlstMun 

AUTL 91.36 42 18 

Alcoa T-30 L9 
AmG n 02 b .1 

Arnex 27 

Amax pf 3 6.3 

AmrteaTOe A 12 
Afrcx a 

AmSmOOB 26 17 
A&rd pt275 66 

ABkSM .90 25 IB 

ABwPr.80 27 18 
ACapB120 11. 
ACapCfcOZB 17. 
ACMR la 60 11 
ACamC 

ACyan 41.05 21 19 

AQPw 226a 61 10 

AEap 9 .78 20 22 
AFanri 9 22 1.3 12 

AGnCp 1.25 22 9 

AGm wt 

AGnl pfA4.09e7.fl 
AH HP n 72e 46 

AHoksi 

AHomel34 29 16 
Amnc 9 5 62 12 

AMnGr 9 .30 .4 19 

AMI .72 44 61 

APreid .50 LI 17 
APisd pOSO 44 
AREai n to 65 
ASLFla 3 

ASLFI 0219 12 

AShip .40 68 

AmSttJ 1.80 24 14 

AmSar .54 1.1 19 

ASfr pfA4 38 53 
A9cr pfBOOO 12 
AT AT 1 20 25 25 

AT&T pf264 72 

AT&T tfL?4 7.4 
AmWtra 64 23 10 

AWal prL25 68 
AWa 5pr1.23 68 
AmHotl 

ATr pr 627 60 
ATr sc 

ATr in 627 47 
Ameroaflfl 26 10 
AmeaD0D .6 26 
Amgtek 1 28 22 

AmevSdOS 11. 
Amlac 

Amiac pf 1.88 62 

vfAmtac 

Amoco 130 40 28 

AMP .90 1.3 37 

Ampco JO 1.6 
Amro 9 

Amreps 23 


69 270 45 


26 17 


27 18 
11 . 


22 10 


70 36% 36 381* 

32 51% 5f% 51% 

975 32 31% 32 -% 

381 24 23% 53% + % 

768 7% 6% 7 +% 

5259 56% 55% 56% +% 
2 25% 25% 25% 

14396U38% 36% 30 4% 

191 10% 10% 10b 

1015 BO 1 * 58% 60 

601 u2lb 20% 21% 4% 

8021 60 56% SB 7 ! -4-% 

77 24% 24% 241* -% 

14G 14% 141; 14% 

84 9% 9% 9% +b 

207 22% 221* 22% +% 
460 14% 12% 13% +H* 

74 28% 26% 26b "b 
f 683524% 22 24% +2% 

592 66 53b 55 + 1% 

104 9% 91, 9% 

32 20% 20% 20% -% 

209 12b 11% 12 -% 

1012151% 50% 60% -% 

478 TV* 89% 703* + % 
7107 20% 20% 20% +% 

31 3% 3 0% 4 % 

2001 501* 48% 50% + 1b 
282 27% 26% 27% + 1% 
666 U M 14% 15% +1b 
52 171, 17% 17% 

2 % % % 

20 0% B % 8% 

2124095 dSObdOb -11, 
*112080 79 00 + 1 

810 20% 20 201* +% 
196 24% 24% 24% +% 
102 21b 201, 20% -% 

230 u66% 6«b 85% +2 
6 u33 33 33 +% 

6846 36% 39% 361, +% 
323 20% 26% 2fi% 

503 27i* 281* 271, -% 
270 45 43% 45 +% 

47 8B% 601* 00% +b 

232 14% 141* 14% +b 

2 1?| 15b 15% 

45 29b 28% 29i* 

739 373* 37 37% +% 

2915 6101% 100 101% + 1 

248 16 15% 15% 

134 211* 20 20% +% 

222 251* 241* 2si* +% 
3973 46 45% 45% 

340 2% 2 2 

32 12 11% 12 

146 10% TO 10% 

268 32% 32% 331* +1* 
3578 62% 61% 82b +% 
179 29% 29% 29% -% 
2t7S20i 28% %% -b 
4 47% 471, 47% + % 

4895 35% 35b 35% +% 
1665 26% 27% 28b -% 
6110 561* 56% 57% +1% 
1 32 32 32 j 

22 251; 25 251; 

29 29% 29% 29% +b 

67 20% 20% 20% +b 

10 30 29% 30 +% 

69 17 10| 16% -% 

56 3la 3 3 +% 

2776 51% 49% 5Q7 a + 1% 
2563 27% 271, 27% +% 
1272337b 36% 371* + 1% 
517 16% 10% 16% 

2677 303* 37% 38U +% 

406 16 1S% 16 +% 

30 51% 51% 51% 

406 15% 15% 15% +b 
9i 10 9% 10 

2574 06 86% 86 +% 

1352 98% B5b 96% +1 
7179 8(9* 7B 791, -% 
1031616% 157 B 161, +% 
640 45% 441* 44% -% 

81 80 79 79 -% 

178 157 a 151; 151, -% 
344 19* 15% 15% 

61 18% d1S% 16% +% 

330 67 f g% 67 a +1, 

1105 521* 5CFa 521* +2 
212 7Bb 74% 7fli* +1% 
H) 04 83 63 

1 56% 563* 56% 

19315)4% 33% 343* +1 

1 50% 50% 50% 

2 50% 50% 50% +% 

162 18% 191* 19% 

2940 16 14b 14>* -b 

2880 14b 14b 1«b 

56 1Z% 12% izr a 

1 78% 78% 78% -% 

4 uS0g S37 a 54% +% 


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Continued on Page 51 




V 


I 


51 


Friday October 2 1987 0 


NYSE COMPOSITE CLOSING PRICES 


AMEX COMPOSITE CLOSING PRICES 


H* Stack Om. YH. 1 HXJsHlgb 1 m ££cEb 

Continued from Page 50 


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Aha 172611 39% 30b 39% + % 

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AMzeB i2 10 203 23 22% 22% + % 

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Armtm 00 2% 2% 2% 

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Aamvg JO 205 9% 9 0% - % 

Aamne 225 % 7-18 7-76 -mb 

Atotte IB 1121 117ft 11% 11% + b 

A08CM 368 1% 1% 1% 

Attawrt 260 28% 25b 26% -1% 

B B 

BAT 27a 141391 1T% 11% 115® 18 
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BergBr 22 19 80 24% 24% 24% 

BJcCp .72 15 19 31 30% 30% - 7 fi 

B*flV -22J 21 9 20% 20% 20% - % 

BMMV I T3 4S 32*ft 3f% 32i* + % 

Bpwt 51 2% 2% 2% + % 

Bownea £5 16 325 21% 21% 21% 

Bmcno £8 49 80% 29% 29% - % 

c c 

CDC9 20 2 247ft 247. 24% 

CMI Cp BB 3% 3 3% 

CatmpJXIi 13 20 8 77ft 8 

CMerco £8 306 16 157ft 15% 

CestfA £0 32 3 20% 20% 20% - % 

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ChmpPft .40 21 227 35% 34% 34%+ % 

ChtMtJA 24 23 855 371ft 37% 37i 2 - % 

ChlRv 1£0 21 6 227ft 22% 22% - % 

QMDvg 13 10 10 10 

CtyGaBfl.50 14 12 T6i 4 10 16 - % 

Comhic 7 167ft 16/ft 16% + i 4 

CmpCn 14 1480 5% 4% 5% + % 

CanciF 11 10 10% 10% 10% + % 

Can&OG 24 2if 2% 2% 

Constn 11 16 9% 8% &%- % 

ConttW 38 W 35% 34% 35% +1% 

Crosse £0 24 16 35% 35% 35% + % 

Cm CP 11 17 17 17 - % 

CrCPB 32 14% 14% 14% - % 

CwCp1D£2S 10 24% 24% 24% + % 

Cubic £9 T7 102 21% 20% 21% + % 

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D D 

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Sadc Dh E 100a High Lm Chn Dings 


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£AC 
£8003 
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Estgp 290 e 
EchBgs 
EeolEn J36e 
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Efipey .40 

Fsbbid £0 
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FAusPrl 06e 
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GtfLft 

GianiF .66 

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Gtaffhe £6 

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GrdChs A2 

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31 585 

26 390 

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33 412 

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13 381 
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50% 48% 

3% 3% 

1 h 

19 16% 

E E 

7% 7% 

1% 1% 
34% 34% 

27% 277ft 

2B% 28% 
18% 18% 
3 2% 

4% 4 

6 57ft 
7% 7% 

21% 21% 

F F 

37% 37ift 
6% «% 
0% 9% 

14 13% 

Fa 6% 

29 26% 

7% 1 

2 7ift 27 
21 % 20 % 
7% 7% 

6% 8 

G G 
8% 6% 
8% 8% 

7% 7i t 

39 37% 

25 24% 

37 36 

30% 20% 

% % 
16 15% 

73% 71% 

088 K» 

14 15% 

16% 16 
173ft 17% 

H H 
5b 3% 
10 % 10 % 
20% 19% 

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19% 19 


6% 5% 

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14% 14% 

13% 12% 

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16 14% 

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I I 

11 % 11 % 
9 6% 

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2% 2 
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277^ + i 4 
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37%+ % 
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MSI Dt 
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MtCtHE 24 

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NtPatm .10 
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NYTHno.44 

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PtHeatn 68e 

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12 451 
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28 29 
191 
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M M 

17 17% 17% 

194 11-16 % 

38 344 22% 22% 

53 7ft 2% 

20 7% 7% 

22 13 24% M 

13 996 01ft 

65 604 43b 42% 
15 262 4% 4% 

10 7 17% 17% 

18 60 7 6% 

32 2D 7% 7ift 

4 20 0b 9% 

88 549 157ft 15b 

N N 

9 654 61ft 01ft 

643 12 11% 

10 32 24 23% 

14 9 28% 29% 

10 538 6 7% 

22 4508 41b 40% 
328 24 16% 16% 

15 3b 3% 

41 27 9% 9% 

0 P O 

77 5 28% 26% 

119 a 7% 7% 

304 11 9% 9% 

14 13% 13% 
27 1645 35% 34% 

209 4 14% 14% 

4 1541 20% 19 

54 1% 1% 

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140 2 1% 

191 35 7% 7% 

16 7% 7% 

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flsgan .12 

Rartsbg JBJ 
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Rasrf B 
RsjAbB 
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Rogers 12 
Rudick£2a 

SJW 1£8 

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ShdCp .50 
tSecCap .05i 
SQesAs .16 
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SferiEI 
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14 24 53V KV S3V+ V 
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IB 21 I7V 17% 17% 

16 60 17% 17% 17% 

31 87 27 ?ev %V - V 

13 13 201; 20% 20% 


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WkingC .11 
WshPai 1£8 
Wtfifrd 
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Well Am 
WalGrd 
WDIgHJ 
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Wichita 
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s s 

11 2 34% 34% 

8 93ft S% 

78 60 14% 13% 
14 9% 93ft 

17 10 17lft 17 

5 0 90 99 

138 5 5 

14 3 12% 12% 

18 106 9% 0 

I ^ ** 

3 47 B 4% 

16 1 107ft 107g 

67 25 2% 2 

16 227 10% 10% 

23 1% 1% 

12 5% 5% 

T T 

361 5 49| 

9 62 6% 5% 

IB 22 17% 17% 

35 38 167ft 16% 

36 4 3/ft 

IB 465 B 7% 

70 1% 13ft 

1780 6% 6b 

215 10% 107ft 

IB 2829 23b 22% 
148 10% 19% 

ID 55 17% 17 

12 03 Sb 9% 

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B 70 2% 2% 

6 27 2% 2% 

48 14% 13% 

V w 

14 82 2?b 22ift 

20 7% 7% 

2408 IB 17% 
2T IB 18 
32 25 266 262 

38 33ft 3% 
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9 18 27ft 23ft 

49 TIB 9b 9 
14 2143 24b 23% 
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19 1% 1% 

53 5 0% 9% 

3 6b 6% 

X Y Z- 

8 3% 3b 


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8 

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191* 

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10b 

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133ft- % 

22b 

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177ft + % 
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266 +3 
3% 

10% - % 
2%+ % 
9% 

24%+ % 
10% — % 
1%- % 
B%- % 
«%- % 


OVER-THE-COUNTER Nasdaq national market* closing prices 


40% 33 StevfU L2D 2.0 14 1925 42 407ft 42 +1 

37% 27% 8MMrai£8 5.1 87 33 32% 33 


13% 6% vons 
101 00% Vpmad 


183 12i 4 11% 12 -% 

20 14 99% 95% 95% -% 


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2 „ 4 WOS 27, A 2V -V g 4 WainotlOs 1.2 11T1 8*, 7V 8% +V 

24% 18% BtruSU&SSa 1A 8_ 186 19% 8181,18% -1% 427, an, WBIMt a .12 .3 41 4965 38% 37% 36% +% 


48*2 » SpMfJ 1.88 2014 19B 43V «>* ^ “Ja 447, 30V Waigm i4 1.4 26 834 40% 39*, 40 +% 

12», 7% SuavSh 10 2B nn, 10 10V +V 48V 37% WalCSv.60 1.3 18 85 477, 47% 477, 

10% 8% SunDJaa7» AS 33 3V Bl, B% -% 63% 32% WalU B 1^0 £0 15 WS S8% SB% SJ?i 

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64% 48% SundaalSO 29 30 M6 61% 61% 61% 377, 231, 3.1 13 356 36*, 34% 84% - 1% 

IS? L & & SOV 247, \MtVtt 2.46 OJS 444 26% 28), 28% 

IS* S pl, 2 S? Sa .^^ 24 W “ a * B “ .38 J* 24 3337 47 46V 46% +% 

Z7% Wi SwTri .64 ZB 13 18)5 34% 34 34>, +% 3 ffu go% W«kJn .40 1.1 IS 231 371, 36V 37 -V 

30% 1S7, SopVahM 1.8 19 30825), 247, », +% ^ r, WoanU 40 3 * 2% 3 +% 


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Rayonr2£0 

R^Mi 

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fUBat pf 
RdSt ptA 
RETT 1.54 
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Rebotce 


Regal 


RahPirt£4 1£ 16 


75 
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12. 8 
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£1 15 


T2 74 
ta to 
14 
3A 17 
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1.7 7 

4.8 10 
£1 44 
1.5 22 
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ZO 13 
1.7 19 


8 

8.8 fi 
5£ 14 
£7 18 
IQ 14 
£7 11 
1.4 10 
2£ IB 
22 
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£5 24 
£8 12 
£0 56 


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RefGrp .18 
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RflpNVI.Ifi 
Rexhrn .80 
RffyMri .60 
Rhadea£8 
RlteAM .68 
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RoenTl£64 
Rckwy £2 
RckQrl.60 
Rndrtri .66 
RodReoi4e 


10 6 
55b 3S 
51 30b 

17 T5b 

201ft B3ft 

BD* 59 
15b 12 
U I0i = 
3 124, 


Ftohr 22 

RoilnS a £8 A 41 
Rodins .50 Z5 24 
Rap* a .60 £3 12 

Row 1.16 ZO 56 
Rothch 
Rowan 

Roy© 6 04* 47 16 

Roylnl 70 

Royce n 

Rubmd £8 12 30 

RossBt.TDb 18 17 
RusTgs .60 £1 11 

Ruart 6 £0 1.1 17 
Ryder £2 14 17 

Ryfcoff .60 Z1 21 
Rytand .40 1£ 10 

Rymerpfl.17 H 

S S 

SL tnd ,17b 1£ 16 
SPSTec .96 Z4 1$ 


£ 

11 10 
7 

.6 38 

45 9 
5 

A 24 

1.7 14 

7.7 10 
4£ 23 

12 

07378 

1*. 

1.5 

Z2 19 
5.9 9 

7.1 10 

1.8 22 

£6 

-7 16 
16 16 
16 20 


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SabnR i.40o 
SfQdSe 
SaftKJ m £4 
SahCasi 
SUoLPsl£2 
Saiam 
SaNleU .38 
Satomn .64 
GOieG^SO 
SJuanB3M 
SJuanR2fi 
SAnrtftaW 
SFeEP ZBB 
SFeSoP 1 
SaraLea 1 
SavEP 1 
SavM 
SCANA232 
Sctifr n 
SChrH 9 1 

Srtismbi£D 
Sctiwbn 
SCiAXJ .IP 
Scoop 158 
Soonyi .62 

ScdNAn 

SoaCnt.05o 


£ 36 


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1 9b ®b 
8896 69% 07 

017 11b 10 
380 13% 19a 

48 6b -6 

'130 29b 28b 
182 5% 8 

2351 83b 81\ 
18858b 0 

28445b Bb 
687 OlKMbISBb 
127 17b 17 
70 217| 211a 

14 Tib Iflft 

1315 84b BZTft 
778 4b 4b 
2D 10 Pb 
65 7 7 

34 1B7 a 16b 
3 15b 15b 

158 15b 15b 
133 10b Wft 
6310 16b iFa 

39 UlSb 16 
72 2b 2 
141 7b 7b 

18 151ft 15 

302 fib 9b 
45 7b 7b 
175 6«« 54b 
450 59b 53ift 
8402 59b 58b 

21 17b 17b 

155638b 30b 
290 1b lb 
75 18b IBb 

434 281ft 27 
851 17b 17 

198 49% 40ift 
230 12 11b 

960 l7/ a 17b 
8338 26 24b 

9 9b 

1555 421ft 40b 

1020333b 31b 
1208 23b 23b 
10B 20b 20 
203 25b 251ft 
334 u£7b 5Bb 
1401 18b 79b 

1634 9b 9b 
2419 129b 126b 
502 10b Wft 
105 Sb *h 
862 31b 30b 

49 38b 38b 

15 19b rtb 

1293 18b 17b 
1290 37b 35b 
355 29b 28b 
150727 23b 

5 10b 10b 

s 

26 12b 12b 
29 40 38b 

109 24 23b 

900 15 147 4 

10 13 12b 

102 18b 16b 
512 37b 35b 
37 fl?a Bb 
67 20b 20b 

15 lib 11% 
2633 88 8«b 

7561 37b 3&b 
283 32b 33b 
14 9b Bb 

1 lib iib 

22 30b 29b 

146 71 20b 

11570165 83 

1542 45b 45 
138 Wfl 16b 
835 D| 1b 
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1081 $«b 63b 
478947b 48b 
2361 1«b Iff* 
407 17b IBb 
2753 oB5b 03b 
121 Wi 14b 

40 iib nb 
220 27b 26b 


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28b -b 

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0 -b 
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7 

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151* -b 

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2b +b 
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17b 

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18b +b 
28b +Tb 
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401* +b 

11b -b 

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33b +ib 
23b +b 
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T T T 53 48% WalF a(ai4o 5.9 200 53 S3 S3 

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18% 6% TGJF 47 96 8% 0% 8% 36 2S*< WPtP 8 13 1076 30% 80 30% + V 

ZO W% TJX B JO 14 620 21% 21% 21% % ™ 8% HtaUTg.80 ™ 30 T3 12% O 

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429 37, 3% 3V -% 

29 21, 2% 2% -% 

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13% 13 TchSym 14 199 18 171, 17% -% ® 3^S WeyartAM 2.4 21 7790 »% 52% SP4 +1% 

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ADC 

ASK 

AST 

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Acuan 

Adapt 

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AdobGa 
i AdvTei 
AdvoSy 
1 Aegon L09 
1 AflBuh 
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; Agnacog £0 
i AtiWtec 
AlCoHIt 
Aldus 

AlexBis .18 
AlexBidl.38 
AlegW .30 
AllegBv 
AIKant 
AlldBn 
All wad 
ARoa 

Amcaai A4 

AWAU1 

ABnkr £0 

AmCarr 

AmCily 

AGieei .66 

AmHttUOr 

AH&kl 

AirtfnU AQ 

AMSa 

ANHna 132 

A9*NY.46e 

ASNV(df£r 

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37b 24b TxPBC .40 1-3 30 10 31b 3H* 31b J- Eg* cn « St & 

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7^ tSSVoB ZB 1 73 # TO TO -b ffil Ee 112 ”2 S* & S ffi + 5 

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, Thamtai68b 22 15 22 2Tb 21 **% +b IS 4 15» 1 fi l 1& H b tl 1 


ApogEn .14 

ApoteC 

AppIBk 

AppleCzOBI 

ABkted 

ApktBIO 

ApIdMt 

Archive 

ArgaGp 

Armor AO 

Astnons 

AdGLtal£0 

AtiRes 

AtfSeAr 


240 82b 61b 62b +lb ^4 "■ WrtdC P 400 U B 6b 9 +b 

_ _ 22 zt£ 21 21% +% lA 14% WrWVl 08 Itaa 1»V +% 

ThmUadO 1.B 22 130 22% 22% 22% +% f*U «V yWmO* 1J *1 «3 o6^ «% OT, +1 

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TldWl pf 6 j 6 3 U05 06 06 +2 30% 16 Wynns .60 Z1 23 386 29% 29 29 — % 

TUTny n ZBB 35% 34b 34b -1% V V 7 


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Thrw 1 J 17 1368 107 +' S SI* Jf “ S® S* IS* If* iS 

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Tknph 

TlmeM1£4 


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TolEd pf£72 12 
ToiEd (4075 1£ 

TolEd pf£47 11. 

too pfzaa m 

TolEd pf2£1 11. 

ToiJBr s 


18 290 uSSift 32% 33 +b 

813 6b 5 Sb “b 


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1.8 19 88 2P, 2S% 297, +1% »a ZenimE W 2110 27% »%»,-% 

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TolEd pH.72 12 18 30% 207, 30% +% 2jj% J®S Z*™ H fL IS* IS IS* 

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Toner a 21 653 B% 9% -V 


AvnteA 

BB -OBe 
Bakrfn la 
BakrJ& .06 
BldLyB £0 
BalBcp -40 
BnPnoal.40 
Bn Pop 1.32 
BcpHw 196 
Banctec 
BKNE 124 
Bricesb .48 
BnkgCtr 
Santa A4 
Barrte 


BiyVw 

BayBkSl.44 

BeauttC 


Tonka AS A 10 1557 19 ip* w +b Sales figures are unoffidhL Yearly hfgha and Inn reflect the 

ToS £3 J 23 10 &4 3&a 34 +b prevkais 52 weeks plus the currant week, but not the latest 

Trchmfc 1 02 11 1236 31b 30b 31b +b iratJng day. When a spit or stock Attend amounting to 25 

Toro e w40 1.7 16 51 23b 23b 23b +b per cbm or more has been petd. tha yearb high-lcw range and 

Toeco 11 466 3b 2b 5* -b e*wdand are Shown tor the neay stock only. Unless ott w wtae 

Tosco pfZ38 7.4 160 32 3ib 32 noted, vstas t4 dnridanda an anmnl dhbmemerds baaed on 

vJTowie 194 u-18 9-16 11-16+b the latest dactanxdon. 

WTwiepI SO jb 1b Ha +b 

1 1°*™ M , 2 22? S5 0 a-dMdand aho axtrafa). b-annual rata of cMdand phm 

tISSLiJm Jzra 3? Si. ?? a S stock dMdenU. c-Hquttadng dMdend, cid-cafecL d-new yaarty 

1 Trwnan.40 12 73 T& t -\2_ 12 jo*, s-dividend dadarad or paid in pracedkig 12 months, g- 

TWA DfZ25 74, 46 ifib IBb IBb +b rtvttand in Canadten funchk sub|ect to 19% non-residence tax. 

Trmsnl.64 4£ 9 G20B 43b 41b 43b + ib HMdand dactarad after 9pUt-up or stock dufctend. J-cfividand 

Tran!i*Z2B 06 5 23b 23b 23b + b P°*d this year, omttfed, defened, or no action Man at latest 

TmCdagl.16 14 26 13% 13% 13% dfvttend meeting. k-<3Mdend dodBrid or paid this year, an ac- 

Tmscap 6 101 a% 014 -% aanulaifv& issue with dMdends in arrears, n-newiamie In the 

a Tranacd.36 3.6 Ml 3&b 3& past 52 aeak£ The high-low range begins with the start at 

57b 488ft Tmec 1*4.75 96 0 49% Jfb J»b , tracflng. nd-naxt day dawy. P/E-prica^aminga ratio. vhM- 

If 4 !?■ I fan£a1 78 ta 200ii0%i d «4 0% “Jft deod dactarad or paid in pracedkig 12 months, plus stock dM- 

SL l JS Si S S. £ dand. s-stook spfit. DMdendt begin frith dare of apft. ala - 

S TrGP K ?a 5 SS w* SS + v ***■ r-dMctend paid in stock in pracading 12 months, estf- 

S 41% tI5£J^SP° S 8 «ll «! 4flS 4^5 - V I™* 4 * 1 “S* 1 ,rtje «-<ii»*lBnd or KKfatrlbution data, u- 

^ sS TE^tlS 8D « SS St S now yaarty n^ti. v-tnuXy hrtted.vH n banto upicy or n^aivor- 

34 28% Tricon S. 3 10 ul U 8 32% 32% 32i, ship or beaifl roorgwisarf undar tha Bantauptcy Ant. or sw»- 

44 23% Trtain s .12 .3 IB 1014 43 «2% 427, +% rtties assumad by such ccwnptntu. wO-dkAtouM. w+whari 

38 22% Trims pt. 12 A 3 29% 29% 29% -% fcaued. ww-wfth wammlfc x-ox-dWctert or cat-rights, wfe-ex- 

49% 28% Trttxifts .60 12 18 2754 46% 48% 4&% +3% xwM*Mhout warrants. y-tordMdenti and In- 

4% IV Trtcntr 127 4% 4% 4% fuB. yW-ytnW. z-sate£ m UGL 

»% TrWy JO 1J96 60S 32> 3 31% 32i x +% 

44% 21% TrtnovB 25 891 43% 42 43% + 1% 



HavevourF.T. 

/A- • r- 

hand deliv ered . .4 


... at no extra charge, 
if you work in the business centre of 

MILANO 

0 Milano (02) 6887041 

And ask Intercontinental S.r.L. for details* 



BaOSv 

BenJSv 

Berkley £6 

BarkHa 

BatzLb 1.52 

BgBear t 

Birnfly 

Biogen 

Bksner 

BioTcQ 

BirStJ 

BlefcEn 

BoatBn 1.84 

BobEvn £8 

Bohema.05r 

BdnvfP 

BovScs .60 

BstnFC .48 

Branch 1.36 

Brand .08 

Brinrig 

Brakma 

Brunos £0 

Budget 

Buffets 

BuRdT 

8m hm £4 

Burr&s 

BMA 1.10 

Bualnld 


ccc 

TO T 

CWRCR.9B 
CPta -16 
CUCInt 
CVN 

CbryGclA 

Cadntx 

Oalgon .05a 

Cal Bio 

CaiMlc 

Calny ,16 

Cambnc 

CamBS 

Canonl .780 

Canpnta 

C trwrC 

CariCm.OTB 

Caringm 

Caasys 

CaioCp.020 

CetiC ms 

CmrBc 1.60 

Centcor 

Cntfma 

CanBcslISb 

CtrGOp 

CFkffikl.06 

Cty&ns 

Cana 

ChrmSa -12 

Ohjiwb 

ChkPt 

ClwokS 

CluCnf 

CMAuts 

Chuand 


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368 15b 14b 15b +1 

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22 179 13b 13b 1»b 

141609 10b 15b I6ift + b 

43 01 22b 22b 22 1 * — b 
36 1227 2Db 10b »b + b 

15 626 121ft nb 11b 

28 27 26b 26 28 - b 

001518 41 38 40b +2 

27 705 27b 27b 27b" b 

306 11b 11b 11b + 1ft 

200 43b 42b 43b 

29 200 10b 161ft 10ift 

26 14 23b 23ift 23b + b 

535 267a 26b 2Bb 

17 215 10b Wb Iflift- b 

14 407 16b 76b 10b + b 

881 20b 25b 25b + b 
111627 181* 16 18b 

14 388 60 SBb 56b - b 
B 130 161ft 17b 17b“ b 

2261 101ft 9b 9b- b 

84 451 15>* 14b 15b + b 

070 8b B% Bb" b 

1052 19b 101* Wi + b 

25 229 141ft 14 14 

18 46 13 12b 12b- b 

278 7b 7b 7b — b 

6 596 12b Hb Hb- 7ft 
126 21 8b 0b Ob 

264 42 41b 41b- b 

134321 22bd22b 221* - b 

16 3B« 20b 20 20 - b 

261154 01* 9 Ob- b 

10 31 13b 13b 13b" b 

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61020 37b 87 37b + b 

6 911 IBAft IBb IBb + V 

24 2Tb 27b 2tb + b i 

17 361 13b 13b 13b ! 

104073 27 25b 27 +*b ■ 

5401 ISfft 15 15b + b 

133938 24b 23b 04 
4892984 34b 32b 34lft+1b 
6 07 18U IBb 18b T b 

12 9BB 10b 10U 101ft- b 
3 641 01ft 77ft 6 

53 16b IBb 16b- b 
102 16 15b 15b + b 

172249 26 241* 25 + b 

W 51 117* lib 11b 
355051 21b 20b 21b + 1 
6 40 331ft 327ft 33 - 1« 

4310423 58b SBb 50t|+1b 
752 15b 14b 14b- b 

43 800 30 2Bb 30 + 7ft 
1607 30b 20i 4 30b + ib 
42 738 11b Hb 11b + b 

12 426 47b 40b 47 - b 

26 161 22 21V 21b- b 

10 18412 30b 27i« 301a + 2b 

11 568 21b 21b 21b + b 

141469 27b 25b Wb + lb 

650 2B4 13b 13 13b + b 

423730 20b 27b 29 + 1b 

5124 9-18 4 7-10 tt* 

271436 15b 16b 15b — b 

B B 

74 8b & 8b 

55 Sift S 52 - b 
113164 O'* 9b Sb+ b 

6 55 17b 17b 17b " b 

20 134 171* 171ft 17b + b 

IT 18 27 20b 26b 

7 21 28b 26 28 

10 54 56 55b »b 

16 284 13b 12b b 

112519 331* 32b 33 + b 
10 29 12lft 12 T2 - b 

267 12b 12b 12b — b 

162057 23 22ift 27ft + b 

7 IIB 12b 12b 12b 

16 176 46b 40ift 4tt*+ b 

8 102 17b 171ft 171* + b 

10 325 40lft 45b 46 

14 160 Bb 7b 77ft- b 

16 289 147ft 14* 147 B 

123 121ft 12 12b- b 

4617 6b Bb 6b - b 

6 380 27 26 27 +1 

27 4 1142704150 4160 -40 

24 609 54b 53b 54b + 1 
141042 27 26 27 +1b 

13 93 11b 11 11 - b 

2835 107* 9b tiPft + l 

41 016 29b 29 29b- b 

232 8b *b Bb 

16 60 26 25b 26 

292 29b 29 29V + b 

10 31 40b 40ift 40b + b 

24 381 19b 1*b 16 

11 169 21b 21 21b + b 

28 156 131* 13 T3fc+ b 

8 27 21 20b 20b- b 

11 475 231* 22b 23b + b 

0 00 35b 35b 351* + b 

01 748 23b 22 231* + IV 

11950-16 0b 6M0 + VU 

12 436 101* IOI4 101ft 

29 IBS 23ift 22b 22b - b 

400 1P| 15b l^b 

64 658 23b 22b 23b 

14 1B4 161ft 16 I6I4 

20 5 28 25b 25b- b 

58 77 14b 13b 14 - b 

263 43b 43 43V 

404099 13b 13b W* - b 

c c 

232328 87* 6b ®B ~ b 

167 203ft 20 20b + b 

14 171 33b 31b 32 -1b 

18 503 22b 22 Z?b + b 

102683 25b 23 » + & 

90 231 17 18b W|+ b 

22 153 40 45b 45b + b 

30 660 14 13b 14 + ■< 

768 43 41b 42 - b 

112 11 Wb 11 + V 

170 77ft 7V 7«| - b 

242 11 10b 10b 

1705 22b 21b 22b + b 

11DA 11 101 4 IT + h 

23 129 42b 41^ 421ft- V 

38 1220 Wft 30b 30b - b 
251546 12b 12 12V + V 

33 338 29*4 20l| 2Sb - b 

75 361« 35b 3^4 + 1b 

21 221 ?0ift 157ft 16 + V 

31 166 8 7b 8 

1464 29ift 27b 29ift + IV 
211200 40V 39b 40 + b 
607 40b Mb 40 + b 
27 167 14b 1& f 3b- b 

12 60 477. 47is 47b + V 
377 tSi Ittft 15b + b 
11 300 31 Vft 3or fl 
92 WV IBb 1*i- U 
TOn 94 23% 34 

254607 24V 23b Mb + b 

81 30911291* 27b 29b Tib 
10 530 11 10b 11 + b 

24 1292 17V Vft 171* 4- 1 

1532 6fia 8% *1 

16 3? Mb 14b WV ™ '* 

01 808 16b Hb 17b“ V 


Star High Low last On Sick 


Srtte HghbMlal tan 
Ota*) 


Saks Higk Low Ust Ong 
IKadi) 


China 26 122 307ft 304 

Chlp&Tc 27 1400 26b 27 

Chiron 1504 27 2P* 

ChiDwt £2 S 767 17i 2 171« 
CinnFn 1.52b 10 645 54b 54% 

Clntasa 33 174 35b 35V 

Cipher 35 896 10b 10b 

Cirri Ex 16 91 11b 10b 

CtzSoCp 1 12 633 2&V 2B 

CtzFGa .BB 10 151 19% 10% 

Ctzll As I 25 225 35% 35b 

CdyFed .40 17 1651 7b 6% 

CtyffC .64 17 1681 u 331ft 313, 

CltyBcpI 12 10 8 52 5H* 

doth 171243 181* 15 

CoOpBk £D 5 614 1tt 4 13% 

Cca&iF 10 201 17b 10V 

CoatSI 2B2108 11% 11V 

CobeLb 17 11 24b 23b 

CocaBtl £8 237 32b 31% 

Ooeur I 794 26% 25% 

Cohemi 277 i4v 137* 

Cotegen 46 143 10V 10b 

CdFdl 5 432 12 11% 

CoinGp ,40 7 254 14 13b 

CoioNt 23 17% 171* 

Comcsts.12 3706 26% 24% 
Cmcstep .12 1560 24% 23% 

Cntvta£40 13 341 65% 65 

CmOr 1.26 24 86 66% 65% 

CmceU .72 13 606 33% 37 1 

CmcFdl 5 99 14% 14% 

CmiShg £6 20 141 18% 18% 

ComdE 4628 6 5% 

ComSvg£4s 681 T7i> 16% 
CmpCn .40 14 878 12% 12% 

CCTC 195 10% 101* 

CptAut 40 07 1C| 141ft 

CnepdS 36 19% 16% 

CnaPaplflD 15 298 69 66% 

CdMed 194 59 15 14% 

Contin 381286 27V 25 


CizU As 
CdyFod .40 
CtyNC .64 
CltyBcpI. 12 
doth 

CoOpBk JBO 
Com F 
CoatSI 
CobeLb 
Ormfttl £8 
Ooeur I 
Cohemi 
Cofagen 
CdFdl 
CoinGp ,40 
GoloNt 
Comcsia.12 
Cmcstap.12 
Cntaric £40 
CmOr 1.28 
CmceU .72 
CmcFdl 
CmiShg £6 


601 Tmm ISb 
14 878 12% 12% 


Gonvgl 

Convex 

CoopfO 

CooreB £0 

Capyttes 

Cordis 

CoraSv 1£& 

C o s tc o 

CrxyEd 

Cr ester 1.04 

CratFdl 

Cronus 
CrosTr 
CrosIdS .40 
Croalpf 1-81 
Culuma £0 
Cyprus 
Cyp&em 
Cytogn 

DBA 

DEP 

DMA Pf 

DSC 

DalsySy 

DartGp .13 

Dalcrd £4 

DtaJO 

DtSurtch 

Oaicpy 

O&tacp 

Dsuphnl.20 

Donor 

Deystfl 

DebShfl 20 


Dost 

OUtgPr 

Dtaaonc 

Olcaon 

OigtiCm 

DlgMIc 

DimeCT .50 

OimeNY 

Dionexs 

DbdsYr.401 

OfrGni .20 

DomBfc .72 

Dortcte 

DreaBe 

Draxlr 

DreyGr 

DunkOn £2 

DuqSya 

Darien 

Ouriroa AS 

Dynaca 

DytchC 

EMCs 


0%- b 
20% + % 
32 -1b 
22% + b 
25% + V 
107ft + % 

45b + b 
14 + >4 

42 — b 

11 + V 
7% — b 
10% 

221*+ V 

IT + % 
421ft- % 
301ft- % 
12V + V 
28% - % 
38% +1*1 
16 + 1, 
0 

29% +P; 
40 + ‘4 
40+^4 
13% - % 

<■** + «z 
15%+ V 
30% 

18%- U 

94 

M'l+ \ 
23% + 1% 
11 + % 
171; +1 

A 

14% - *4 
17V- H 


BPaa 1.52 

Bara 

Dcomta 

EhuAG 

Emu lex 

Encore 

Endu .109 

EngChv 

EnFad 

EngCnn.29a 

Enseco 

EntPub .10 

Envrda 

Envirsf 

EqtiBa .02 

EricTt 1.20s 

EsexCm 

EvnSuf 

Eva rex 

ExcalBcZOa 

Exceln 

Expln 


FFBCp.15e 
Ml -03a 
FaktivS 
FrmHm .50 
FamtF 
FarGpsL20 
Foroflu 
Fldlcr 1.52 
Fldlcrpf 
FifthTh 1.44 
FiggiSB .76 
FiggiOA 68 
FifcNet 
RnNws 
Fmigan 
PAlaBk .78 
FsiAm ISO 
FtABK .40 
FlATn 1 10 
FtExsc 
FEcpfEZIfia 
FExpfFZfia 
FExpfG 
FFMk .48 
FtFUga 
FlFJBk .72 


195 10% 101* 

40 07 1tt« 14% 

36 19% TB7. 

15 298 69 66% 

134 59 15 14% 

381286 27V 25 

1234 15 141* 

10917 6% 6 

55 706 13% 131* 

157 13% 11% 

191502 25 24 

447 13V 12% 

157 16 15% 

11 1186 40b 40% 
88 359 121ft 12 

25 1272 5% 43 4 

12 233 291* 287ft 

222 111* 11% 

4 117 15 Ittft 
1175 2D 10% 
242 14% 141* 

21 20% 197ft 

19 204 21% 20% 
31756S 26% 28% 

533059 15% 13% 

227 10% 10 

D D 

16 60 17% 17% 

38 aoauisb 15% 
1013148 10% 10 

372792 6% 9% 

691 6 7% 

14 138 1571ft 155% 
123 6 17% 17ift 
21 507 7% 7% 

163 1631 01ft 7% 
104 77ft 7% 

26 300 35% 34% 

11 15 33ift 32% 

17 200 11 10% 

10 310 8% 8% 

21 363 18% IBb 
440 25% 25% 

1120 6% 6I4 

29 101 35% 34% 
33 74135-16 3% 

25 21 35% 35% 

252524 45 44 

57 302 19% 101ft 

247 14% 14% 

234806 23 22% 

32 213 30 281ft 

13 37 31% 30% 

43 202 9% 9% 

10 105 20% 20% 

95 8% 7% 

253462 Itt* 13% 
273 14% 14 

42 290 21b 20% 
17 52 28% 28 

28 363 19% IBb 

16 142 13 12% 

125321 17% 17% 

13 98 11% 11V 

13 175 25b 251* 

E E 

25 641 22% 21% 
194 u20 19% 

17 173 11 10% 

0 138 16% 16% 

94 448 18% 101* 

32 93 ITift tfb 
275 52% 52lft 
32 1238 8I4 8 

300 4 3b 

» 115 16 15% 

349 19 IBI4 
213 103 Bb 8% 

IBOuZBb 27/ft 
704 18% 18% 

23 574 25% 25b 

16 775 27ift 26% 

IB 190 21 20% 

11 4 263ft 26b 

17 221 38ift 38 

6 23ift 2314 
17 035 27 26 

25 2514 ii12b 12% 
x3 121ft 12b 

401131 18% 15% 

22 25B 19 13% 


27% — % 
2Bb-> % 
17% - % 
54% + % 

»%- % 
10% - % 

11b + % 
28%+ % 
19%+ % 
35% 
7%+1 
33 + % 
52 

16% +1% 
14% 

1*1- % 
11%+ % 
24 

m%+ % 
25% —1 
13% 

101*4 b 
11%+ % 
1*4- % 

17% ~ b 

25/ft +1% 
24% +1 
65% + % 
66% 

33b 

«%+ % 
1*ft- % 

59- 18 + 5- W 
17% + % 
12%+ % 
10%-% 
14% + % 
19ift 

69 +2% 
14% 

27ift +2% 
16 + % 

«%- b 
13%+ % 
13 +1 
24% — % 
13% - % 
15b- % 
•a 

12 - % 
" b 

»e- % 
nb + % 

itt* 

20 + % 

14%+ % 

201ft + % 

21 + % 
36% 

Ittft + 7ft 
10%+ % 

17% 

161ft + b 
101ft 

9%+ % 
7% 

1557* - 1,* 
17b 
7% 

B%+ b 
7% 

35 

33b + b 
10%- % 

fl%- b 
1*1- % 
25%+ % 

Gift - % 

35 + % 
35-16 + VIE 
35ift 
44b+1 
16% 

14b- % 
23 + b 

30+1% 
31-% 
9%+ % 
207* + b 
7/ft - % 
14b + % 

X " + ,4 ■ 

26b - b , 
10b + % 

13 + % 
171*+ % 
11% 

25% , 

S2%+ V 
19b- % 
101* - % 
ie% 

16b + b 
1*4" b 
52%+ % 
8b + % 
37ft + 1-16 

15 % 

18% + % 
8% 

2*4* % 

Wb - b 
25% - b 

27 

21 + % 
28ift- i 4 

38ift + i 4 
23% — % 
27 

13%+ b 
12b — b 


FllfCps .44 
FJerN 1.80 
FIKyNl .94 
FMcffis 1 
FtMdSv 
FNChml.56 
FSecC 1.10 
FtStfBk 
FTenna 1.10 
FatUCs .60 
FfValy £4 
FtWFn £8 
Flraier 1.10 
Raerv 
FbhSd 
FlaFdl 
FlaNBF -48 
Fonara 
FUonA .14 
FUonS .13 
ForAm .06 
FdfinFZOs 
Forums .06 
FramOv 
FrssFdl .40 
Fremnt £0 
FulrHB .42 

GfttllTffl 

Galileos 
GaigA -40 
Ganloa 
GardA 


Ganray 

Genetca 

GenoOn 

Genlcm 

Ganmar£4a 

Gsnzym 

GaGtm £0a 

GrmSv 

GfbsnG £5 

Godfrys £2 

GldnVls 

Roman .24 
GouIdP .78 


GrphSe 
GtLKBc .60 

GtNYSv 

GmRhb 

GrawPh 

Grasnm 

GrOwtrs 


GuarFn .40 
GuarNt £0 


401131 16% 151* ifi%+ 7* 

22 25B 19 181* 18% + % 

F F 

10 417 15% 15 15 

161238 IPs 18% 16%+ % 

10 12 11% 12 - % 

B 56 20 19% 19% 

261687 18% 17b 18 - % 

155626 40% 47% 48b 

5 1205 1-16 415-16 4 15-16-1] 
141486u49b 44% 45% + % 
146 Sttft 33 % 34 + b 

13 3451162% 61 6 ?b+i 

13 74 02% 61% 81% - b 

100 75 74 75 + 1 

648 20% 16 20% +2. 

45 9*2 11% 17 11% 

177 21 SITft 20% 

11 485 10% IBb 10 + % 

9 160 49% 481ft 49ift -M 

447 11% 11% H% 

12 238 31 30% 3&b + % 

11 6643 17b 17% 179ft + % 

26 24% 23% 24 4- % 

19 »! 25% 25% 

1034 21% 21% 21%+ % 

32375 18% 16b 10b - b 

251214 31b 30% 30b- b 

10 14 38% 30% 90% 


HBO £0a 

Hudson 

KamOil .10 

HanaBi 

Kinvirts .36 

Harm 

KarpGs .17 

HrifNtal.28 

HrtfdSa 1 

Marvins 

wnco 

hKthdyn 

HhattlR 

HchgA* .16 

HchgBa .06 

HeekM 

Henley .901 

HrtfOS.ITa 

KAOerai.04b 

KftghlSu 

■ n 

i tog an 

HmeCly 

HmFTn 

HmlntB 

HmeSav^Ta 

HORL 

HmoSL 

hionlnda AO 

HBNJS .401 

HunJJB .18 

Kariglna 

HuntgELS4b 

HutthT 

HydaA! 

bGI 

U4S Int .16 

ISC 

loot 

Irmmea 

bnunmd 

lenreg 

fnsnmp 

IndBcs 1.16 

IndiNl 1-28 

IndHBs .92 

mrjBdc 

Infrmx 

rnroRsa 

Inmac .08a 
Inovate 

Inspchs 
Inatgp t 
Inatfr 
IntgDv 

ImgGen 

Intel 

Imelwt 

InftariAZ 

Intrfda 

Intgph 

tmrleai 

kitmac 

mtmlCs .18 

tnBcate 

IntClIn 

InDairA 

(Game 

ImKing 

InlLaea 

IMP 

hiMobil 

intTale 

hdtan 

fnvfitSL £0 
ltd 

ItttpfC 

Ivacoa 

Mf«it6 


'Jackpot. 10 b 
Jac hen .44 
jaguar. 2 do 
JelfiGp 
JefSmb24a 
jerlco -18 
JilyL&e _ 
Jonal A- 70a 
Junes 051 


18 246 17% 17% 

18 48 il 78% 777ft 

15 68 26% 26 
1! 16 32% 32 

17 46 21 20% 

14 188 48% 48 

51 79 Sib 309ft 

392 11% 11 

11 170 31% 31% 

104052 24 23% 

14 211 36% 35% 

9 132 10% 101ft 

14 10 35 35 

23 24 191* 191ft 

101 201ft 19% 

67 11% 11% 

23 924 22 21% 

72432 3% 8% 

592456 25% 25% 
63 1041 28b 27% 

23 1 41% 41b 

9 323 29 28% 

21 658 5% Sift 

61 13 12% 

31 02 27b 27 

8 650 15 14% 

18 233 461ft 45% 

G G 

846 11b 11% 

23 797 I6I4 15% 
16 8 21 20% 

16 40 17% 17% 

13 216 161ft 15% 

14 892 20% 19/ft 

17 124 5b 9ft 

3270101 491 4 48b 

TGOB' 33b 32% 
17 819 13% 13 

io sag ioi* io% 

235903 14% 13/ft 

21 1055 uB9 68 
373 12b 11% 

12 67B 16% 16 

TB 140 26 27% 

32 735 251ft 34% 

M 129 32ift 32% 

24 109 22% 22% 

12 130 8% 8% 

979 Bb 8% 

4 112 22 21% 

607 9% 9% 

38 71 1B% 18% 

337 15% 15% 

392 8% 8% 

38 281 27ift a6i 2 
26 1962 26% 257ft 

9 53 29% 281* 

10 484 B 77ft 

H H 

52 950 11% 111* 

25 588 B 7% 

53 277 28% 23% 

139 161a 19* 

7 69 34% 34 

14 64 Ittft 15b 

17 47 14% 14% 

9 807 ?7i* 26% 

11 350 301ft 2912 

17 663 21 20 

16 482 27% 26% 

104 5% 5% 

96 16 157ft 

21 1160 23 22% 

?1 19 23 22% 

13 77 29 291* 

4537 30% 301* 

64 13% 12% 

11 1310 27% 27b 

16 686 14 13ift 

23 2613 9% 8% 

9 138 £!b 20% 
40OulB% 17% 
13C9 IOI4 io 

*661 Ittft 141ft 
1678 34% 33lft 

5 405 25b 241* 

18 356 22% 22% 

151306 33b 31% 

20 205 21/ft 71% 

21 168 23% 22% 

13 1170 25 24% 

17 134 20% 20 

12 226 14b 13% 

I I 

507 8% 8b 

261497 35% 34% 

21 1334 Sb 81ft 

19 0G6 6% 61* 

455 22ift 22% 

181547 11% 9% 

160 9% 9% 

f» 913 8% 0% 

9 890 30% 29% 

17 318 42b 41% 

12 343 42 39% 

59 414 24% 23% 

Bf 0641128% 28b 
602295 26% 277* 

26 370 u25 23% 

38 766 161* 161ft 

133462 71 25i? 

25 319 ** 0b 

34 236 121* 12% 

103 2789 u21% Wb 

94 140 10b 10% 

10542 u60% 56 
21611121% 19 

1452 u2?% 2 lb 

16 537 I** 13b 

367329 28 26% 

168 1748 201* 19 

26 162 18% 1 7/* 

10 136 17% 17% 

117 14% 13% 

31 1990 17 18% 

34 24 323ft 32% 

60 26 12% 12% 
34 538 22/ft 22% 
19 316 Wi 19b 

698 7b 7% 
464 15b 14% 

317 91* 91ft 

121 23% 23% 
144 155 11% 11b 

323072 24% 24 
300 61% 61b 
42 41 106b 105% 
07 10% 181* 

48 71 21% 21b 

J J 

17 325 11% 11% 

15 157 5S% 327* 

13 2B7&B5-16 9% 

10 277 151ft IS 

27 617 73 71% 

17 406 20i 4 20 
458845 14% 131ft 

44 155 14 13% 

21 33 20% 20% 


17% 

777ft 

2*i + b 
321, + i 4 
21 + % 
48%+ % 
31 

lib- b 
31% 

23%+ % 
36% +1 

101ft 

35 - b 

20ift 

11%- % 
21%+ b 
3V+ % 

28% + % 
41%- b 

5ift 

3- b 

27%+ % 
IS + % 
48 - % 

lm«- 12 

16ift 

OT*- % 
% 

15% 

20ift- % 

5%+ % 
.49 + % 
33%+ % 

isr* 

MU- V 
161; + % 
2T,+ 7, 
25+1, 
321,- % 
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21V- lj 

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26%+ V 
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itt- % 

8 + % 
231;+ 1, 
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1SV- V 

w*- > 

27l* >t !■ 
301*+ % 
20l 4 + % 
27 

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JS* - I* 

23 

28?, + i, 

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!»*- ta 


88,+ ta 
21% + % 
183,+ % 
10 - % 
Wta 

M%+1 

251* + 1% 

'« 

32% +1 


23% 

W% 

20 

Wft- % 

0%+ % 
35% 

B%+ % 
65ft + % 
22l a 

Wta + 1% 

9% 

0%- V 

30%- b 
42% + b 
40% -2 
24 + % 

20% 4 1% 

281^- b 
241* + % 
16%+ b 
*£- V 

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12% - % 
21% +1% 
W%“ % 
60% +2% • 
200ft + 1% 
22 % + 1 % 
13%+ b 
28 +1 
20% + % 
18 + b 

+ % 
13+ V 
1fP|+ % 

329 4 

12% - b 
22% 

19%+ b 
7% 

15 

9%- % 
23b + % 
11%+ % 
24-1* 
61% 

106b -3 
16% + b 
21b" b 


33%+ %l 
91ft -3-32 

15 - b 
73+% 

20ift + % 
143ft 

14 + % 

28% “ % 


K K 

KLA 461501 20ift w 2QI 4 + % 

KV Phfi 183 02 22ift 51% 22 4 % 

Kaman .64 17 48184 32% 33% - U 


Kardira 250 itf% 19 

PCaydOiLlOa 20 190 32 3ib 

KtySAa 27 335 463 4 45 

Kemps .80 81622 32b 31b 

KyCnLs .40 9 2l5 ITt* 17% 

Kincaid 20 824 171* 17 

Kinder ,03s 162964 15% 15 

Komag 622 11 10% 

Krugm £0 192503 11 10ig 

Kukke 417 Ifii* 15b 

L L 

LAGmt T062 12% 11% 

LSI Lg 193 8423 13% 12% 

LTX 656(124% 229* 

LaPefe 38 264 21% 21% 

Lacsng 243 16% 16% 

LaddFr .f6 U 91S 19% 18% 

LakBw £0 X 30 26% 261ft 

LdfTBs 38 677 16 15% 

LamRa 1447 10% 10 

Lancsn .BB 16 674 22b 22 

Lances 20 355 23% 23b 

LndEda 26 713 2S 24 

Lamsna £8 25 134 351* 35 

LeeOta 22 662 5% 5% 

Uebr 16 25 19% 19% 

LfeTch 40 BOS W* 171* 

LJnBrds 16 3036 47% 4tt| 

LnFlltn 14 216 10* 10b 

LhtearT 701051 Ittl 13% 
Upown 304 5/g 5% 

LtzCtas .17 2S762B 29% 27% 

LOfteSD’ 211457(121% 207* 
LongF 100 11 99 62 50% 

LotUSS 287850 34% 33 

Loamll £0a 131 9% S% 

I Lyono 472506 29% 28% 

1 M M 

MCI 52 51097 ull 10% 

MOTCp 31 140 77 b 7% 

MNC 1J56 6 967 431ft 43 

MNXs 17 35 151ft Itt* 

14 SCare 18 34 15 14% 

MTECH 23 751 23% 2Z% 

MackTr 1457 20% 20% 

MG gs 2362 21% 201* 

MagmC 92fi 11% 10? B 

Magital .48 92447 17% 17 

MajRt 917 15 14% 

MaJVda 34 270 7% 7% 

MgtSct 35 235 12% 12% 

Manttw £0 20 85 21% 21% 

MfvsNt 1.60 15 11 473 4 47% 

i4arhFn.i5e 2 17% 17% 

ManwCl.56 17 421 61% 61 

Iterant 94 21% 21 

Marsh! £4 10 364 30% 291ft 

MarmL 24 312 7% 7% 

Mascmp 5*4561 ul 3% 121* 

Muds 8 2725 15% 15% 

Mauhk .32 20 18% 18% 

Maxtor 1135 4 311-16 

MtrxSs 9 16 11% 101 2 

Maxcra 1922675 11% 11% 

Maxtor 143333 14% 13% 

McCaur 4635 24% 23> 2 

McCnm 1 17 206 467 a 46% 

Medalst .56 B 14 22% 22% 

MedcoC.lOe 57 534 39 38 

Meifdg 9 783 5% d 5 

Mentors .18 26 1171 10% 10 

MentrG 384683 35i* 34 

MafcScl.40 151449 27% 26% 

MercBkI.OB 12 57 363* 38i* 

MrchNt .68 32 66 27 2fftft 

MercGn £2 14 5*8 W4 18 

MrdnBc 1 9 373 22% 22% 

Mart lr .20 682 8% Bift 

MeryGs 15 626 W 4 13 

MetiUM t 348 289ft 2T* 

Meyn rF 74 795 1^ 76% 

MtchlFdOte 35 2^4 25% 

MiChNt 1.40 15 24 45% 45% 

Mlcom 16 4390 12% 12 

MicrD 20 115 121* 12% 

MicrTc 8820 u15 W* 

Mlcvop 15 5922 3Qift 28% 

Micrpro 262136 6% 515-16 

MbCSem 16 2472 10% 9% 

UiCSftS S38835u66Jft 06 

UkJtCp 1.48 11 541 45?* 45% 

MdwAir 18 1174 15 7 * 15% 

MillrHr A4 2D 532u27/ B 27 

MllUcm 290 20% 19% 

MUIlpr £2 301064 45% 417 B 

BuUmscr 2216947 15% 14% 

Minotka 29 888 T8% 18 

Mmstar 25 243 26% 28% 

MobiCA 42 215 30% 29% 

MohtCB 41 09 31 30 

Modmas.44 15 38 M 20i* 

MoiSkt 1841703 15 !4i* 

Motexa 32 257 u55% 54% 

MontSv 333 16% 16% 

UoorF 1.20 11 31 28 27% 

MorgnP 18 130 28% 279ft 

Morons 30 140 18% 16 

Morran .48 IB 376 28% 28 

UuHbk .52 10 127 20% 2Qi* 

lAuBmh 096 48 6G0 fl 69% 

N N 

NACRE 64 SO 24% 24 

NEC .128 152435 62ift fil 

NEOAX 223 12b H 7 a 

f£BB .40 110 14 131? 

NdCvys 1.20 131625 35% 34% 

NCNJs .02 20 93 54% 53 

NtCptr 24 21 217 17 l^b 

NOflia A4 24 675 300ft 29 

MHerte 22 646 10 S% 

miern 5 563 4% tt A 

NdPza 19 506 TP; 16S* 

NEECO 73 463 1&2 16 

Neucor 29 590 19% 19% 

NwkEq 74 530 25% 25 

NterfcSy 194049 11b 10b 

Nautigs 55 85 55 6* 

Nwfiedf.156 176 17 16% 

NECrft 33 71 22% 22 

1C Bra 46 23 467itE6% 25b 
NHmB .46 12 64 1&b 16% 

NJ Sd 6S7 23iy 22fft 

NMU5BL2Q 10 133 24% 24% 

Nwkfik .30 15 116 27 26% 

Newpt .06 24 909 12 11b 

NwoPh 1120 5% Si? 

Nike B .40 201652 24% 237* 
Nobel .4ir 4 i?4 ifi% i3b 

NbWv 237 5% 5 

Nordsns .46 21 24u38» 4 3P< 
NokMb .16 296511 29b 27% 
NorskB .351 1119 36% 35% 

NAmCm f&8£tt 20b Z7% 

NAmVa 2079 7T ft 7% 

NstBcp 1.40 74 37 60% S9% 

NorTrsi 02 53 400 44% 44% 

NwNG 1.56 11 53 20 10% 

NwNU 96 9 356 20% 201* 

NorwSv.lOe 137 12 11% 

NOvaPfl 652 14 13% 

Novel h 28 447tiu27b 29b 
No«clla .40 26 530 26b 2BU 

Numrc M 15 34 16 15% 

Continued from R 


TO - V 
31% + % 
46 - % 
32i 4 +i 
17%- b 
171*+ % 
15% 

11 + % 
10%+ V 
IWft + % 

12*4+ % 
13%+ % 

24 +1 

21S| . 
161*- % 

16% - h 

26%+ b 

16 + % 

101*- % 

23% 

24b + % 
35 — b 
8b 
10% 

16 

471*- % 
101* 

14 + 1* 

5%+ b 
201* +1 
?1%+ % 

61 + % 
341* +1 
9% + % 
Wa- % 

11 + % 
7% — % 
431* 

15% - % 
Mi* - % 
23 + % 
20%+ b 
21% +1 
Wi- % 
17% 

15 + % 
7%+ % 

12b- % 
21b + b 
471* 

17%- b 
61%+ b 
21 - % 
29% 

7b + b 
13 + % 
1*4+ % 
181*- b 
313-16-1-16 
10V- b 
11% + b 

14% + 7 f 
24%+ % 

22% - h 

38% - % 

S% 

10%+ 1ft 

35b +T 
271*+ i* 
38% 

27 + * 4 
16b 

22%+ b 

®l 

13b + b 

281* -1- 1% 

17 - % 
25% - b 
451* 

121* + % 
12ift + % 
14% +1% 
30% + 1% 

6b +1-16 
10%+ % 
681* +2b 

45i* + % 
22* 

27%+ % 

20 

45b + 17* 
15% - b 
16%+ b 
265ft- % 
30% + 1 
31 + lb 

MV" V 

14% - % 
659ft +1 
18% - b 

28 

273ft- % 

16 - % 
28% ~ V 
201*- % 
693ft + % 

24b 

82ift- % 
11% - % 
13% - % 
35%+ % 
84% t % 

17 + % 

29% + % 
8% 

4%- % 

ir B + % 
16b 

19%+ % 

25 — b 
11b +1 

5tt*- % 

16b 

«b+ V 
20b + b 

Wft + % 

23b- b 
24% - % 

27 + % 

12 + % 

a*ta+ ta 

13*; 

5*8 + 1, 
385, + ij* 

39 +Vt 
36V 

273, - t, 
^B+ ta 

sav- v 

tv :» 

20 + ta 
29V- V 
11?,- V 
M + 1 4 
an, + 11, 

281, + |i. 

MV - \ 





52 


0 


Financial Times Friday October 2 1987 


FINANCIAL TIMES 


WORLD STOCK MARKETS 




Fourth quarter 


opens positively 


as buyers return 


WALL STREET 


INVESTORS started the new quar- 
ter in a more positive frame of mind 
yesterday, pushing up Wall Street 
stock prices on moderately heavy 
trading volume, writes Roderick 
Oram in New York. 

Credit markets in contrast contin- 
ued to find few buyers and bond 
prices drifted lower. 

The Daw Jones industrial aver- 
age overcame a hesitant start to be- 
gin the rally in mid-morning. It 
closed up 42.92 at 2JB39.20. Broader 
market indices enjoyed comparable 
upturns with the Standard & Poor's 
SCO adding 5.50 to 329.33 and the 
New York Stock Exchange compo- 
site index rising 2.73 to 182.97. 

NYSE volume was 1 94-5 m shares 
with advancing issues outpacing 
the number declining by a ratio of 
two-to-one. Traders said institution- 
al investors showed interest in buy- 
ing stocks after weathering the re- 
cent price correction. Tbe Dow in- 
dustrials fell 2.5 per cent in Septem- 
ber and the New York stock Ex- 
change composite index fell 2.3 per 
cent 

Over the past 27 years, bearish 
Septembers have been followed by 
bullish fourth quarters eight out of 
10 times, according to “Smart Mon- 
ey," a stock market newsletter. 

However, many traders expect 
the market to be slightly erratic 
over the next few weeks as it di- 
gests reports of third-quarter corpo- 
rate earnings. 

In yesterday's trading, CBS fell 
$5 to S220K after its board post- 
poned a decision on tbe offer from 
Sony, unchanged at $37ft, to buy its 
records and music division. CBS 
said it would consider alternative 
proposals at its October 14 board 
meeting. Tbe US group's share 
price soared S9% on Wednesday in 
anticipation CBS would accept the 
Sony offer, 

Coca-Cola added Sltt to S49K and 
Tri-Star Pictures added Stt to SI5K. 
The two boards voted to combine 
their entertainment businesses in 
exchange for newly issued Tri-Star 
stock, lifting Coke's share of Tri- 
Star's stock from 36 J9 per cent to 49 
per cent once some Tri-Star stock is 
issued to Coke shareholders as a 
one-time dividend. 

IBP was the third most active 
NYSE stock with 2.5m traded on its 
first day of trading with the price 
unchanged from its offer price of 
S19. Occidental Petroleum, off to 
S33ft. sold 21.5m shares equal to 
about 47 per cent of the equity of 
the meat packer. Occidental had 
Initially hoped to get between SI9 
and S22 per share for tbe company, 


formerly called Iowa Beef Proces- 
sors, which it bought for SSOOm in 
1981. 

Union Carbide was the second 
most active NYSE stock, rising $2% 
to $30% on more than 2.8m shares 
traded. Salomon Brothers' analyst 
predicted die chemical group's 
earnings would rise dramatically 
next year. 

National Semiconductor, the 
most active NYSE stock, jumped 
Sl% to S20K on 3.5m shares. 

Bond prices fell about half a point 
during the morning after their mod- 
est pickup late on Wednesday. A 
partial recovery later in the session 
left the 8.75 per cent benchmark 
Treasury long bond off to* of a point 
at 91 Vu yielding 9.78 per cent by 
late afternoon. 

The erosion of prices, attributed to 
a lack of retail demand, was wors- 
ened by a slippage in the dollar dur- 
ing the day. In addition, dealers 
were being cautious ahead of to- 
day's employment figures in which 
a rise of some 190,000 employed 
people is generally expected and 
next week's Treasury auction of 
four and seven-year notes. 

The Fed funds rale began to ease 
from its recently high levels caused 
by end-of-quarter pressures on the 
banking system. The rate pared 
briefly yesterday morning to 30 per 
cent when the Fed Wire, an elec- 
tronic funds transfer system, was 
shut down by computer problems 
until mid-morning. By late after- 
noon the rate was back at a normal 
level of 7H per cent 

Both sets of economic figures re- 
leased yesterday differed widely 
from forecasts but bad neglibible 
effect on the markets. Construction 
spending rose 1.6 per cent in Au- 
gust compared with estimates of no 
rise. It is, however, a volatile series. 
Factory goods orders foil 1.7 per 
cent in August, more sharply than 
expected. 


UK investment rule faces delay 


SIR Kenneth BerrilL, chairman of 
the UK Securities and Investments 
Board, the chief City of London re- 
gulatory authority, yesterday 
backed the mounting pressure for a 
year's further delay in introducing 
a crucial section of the new regula- 
tory framework. 

Sir Kenneth also unveiled pro- 
posed regulations which would 
change the method of fixing the 
prices for buying and selling units 
in unit trusts and limit the scope of 
unit trust managers to make deal- 
ing profits at the expense of inves- 
tors. 

In August, tbe Trade and Indus- 
try Department (DTI) announced 
that it intended to bring into force 
all the provisions of the 1986 Finan- 
cial Services Act by next April. 
However, since then the new self- 
regulating organisations (SROs), in 
particular The Securities Associa- 
tion (TSA), as well as several City 


BY CUVE WOLMAN IN LONDON 

institutions, have lobbied the DTI, 
asking for a delay in introducing 
section 62 . 

This section allows investors to 
sue an investment business for 
losses they have suffered as a con- 
sequence of a breach in any of the 
SRO rules. According to ISA chair- 
man Mr Andrew Large, it threatens 
to make the new system excessive- 
ly legalistic. 

Sir Kenneth suggested yesterday 
that at least a year should be al- 
lowed to elapse after the investor 
protection rules are introduced next 
April before they are given the legal 
backing of section 62. 

His primary concern, be said, 
was that large institutions would 
exploit section 62 against invest- 
ment firms unfairly, but he agreed 
that small investors would also be 
affected by the delay. However, the 
SIB could still allow investors to re- 
ceive compensation under another 


section, 61 , of the act during the 
proposed transitional year. 

The most important proposed 
change under the new draft rules 
on unit trusts is to end tbe practice 
by which investors can buy and sell 
units each day at prices quoted in 
the morning's newspapers. The cur 
rent rules allow experienced specu- 
lators, and sometimes the invest- 
ment managers themselves, to ex- 
ploit major stock market move- 
ments during the course of the day 
and buy or sell units at too favou- 
rable prices at the expense of other 
unit-holders. 

The new rules will make buying 
units similar to buying shares. The 
prices at which units can be bought 
or sold will be adjusted during the 
course of tbe day so that investors 
will not know tbe prices in advance 
when placing their orders. 

Feature, Page 12; Editorial 
Comment, Page 26 


Ansbacher to make rights issue 


HENRY ANSBACHER, the mer- 
chant banking group, yesterday an- 
nounced a £69m ($112m) rights is- 
sue which more than doubles its net 
worth to £l25m. 


The move is designed to enable 
the group to compete in today’s fi- 
nancial markets, where a bank's 
ability to commit larg e amou nts of 
its own money for underwriting sec- 
urities issues and lending has be- 
come increasingly important 

A linked decision to strengthen 
the board of Ansbacher’s merchant 
banking arm, also announced yes- 
terday, is intended to put an end to 
the bad memories of the Guinness 
affair. Among those appointed to 
the board is Mr Mark Pfaythian- 
Adams. He replaces Lord Patrick 
Spens, who had to resign over the 
affair. 


Lord Spens, ex-managing direc- 
tor for corporate finance, was one of 


BY HUGO DIXON IN LONDON 

ftirwp involved in arra n ging a con- 
troversial share-support operation 
for Guinness during its bid last year 
for Distillers. 

The idea of the rights issue was 

“to re-establish Ansbacher as a seri- 
ous player” said Mr Richard Fen* 
hulk , group chief executive. It 
would now be able to make larger 
loans to clients and take bigger de- 
posits. 

A particular problem has been a 
Bank of England rule which limits 
the amount of money a bank can 
lend to each client to 10 per cent of 
the bank's capital The bank will 
now have disclosed capital of £72m. 

Although this still leaves Ans- 
bacher considerably smaller than 
the largest of the UK merchant 
franicB such as Warburgs and Mor- 
gan Grenfell, ft is now a snaall-to- 
rrvpHinm bank rather than a small 
one. Ansbacher hopes this will 
change the number of institutions 


which think it is capable of servi- 
cing their needs. 

What is left of the rights issue 
will be used to expand the group's 
insurance broking side and pay off 
the debt on Ansbacber's headquar- 
ters in tbe City of London. 

Tbe rights issue is a mixture of 
ordinary shares and convertible 
subordinated loan stock. For every 
20 ordinary shares they hold, share- 
holders will be offered a unit con- 
sisting of six new shores at 82 p 
each and £5 nominal of convertible 
loan stock. The issue price for each 
unit will be £9-92. 

Ansbacber's four major share- 
holders - Groups Bruxelles Lam- 
bert, Pargesa, Banque Internation- 
ale a Luxembourg and Wafra Inter- 
vest - which account for 73 per cent 
of the equity, have agreed to take 
up their rights in full. Mr Robert 
Maxwell, who has 9.9 per cent, is al- 
so said to support the issue. 


CANADA 


GOLDS extended their fall on the 
lower bullion price and banks also 
softened, depressing Toronto share 
prices. 

Placer Dome and Lac Minerals 
both slipped by C$1 to CS25K and 
CS18K respectively among golds. In- 
ternational Corona was C3'/i off at 
CS46K. 

Of the lower banks. Bank of Nova 
Scotia fell CS'/< to C$15 following 
news of its purchase of investment 
dealer McLeod Young Weir. Royal 
Bank was off CSW at C$32 and Tor- 
onto Dominion by the same amount 
at C$31 ‘A. 

Montreal and Vancouver were 
slightly lower. 


MMOW WWIWWI 



GOLD STOCKS drifted lower in re- 
sponse to the weaker bullion price 
in moderate trade with selling gen- 
erally light. 

Among the heavyweight golds. 
Vaal Reels dropped R12 to R439, 
though other losses were more 


modest Elsburg shed R1 to R17 and 
Village 20 cents to R5.50 
Gencor's good run faltered with a 
R1.50 dip to R74.25. Other minings 
also eased. Rustenburg Platinum 
by 50 cents to R58.50 and Vansa Va- 
nadium by 40 cents to R9.60. 



Currency stability 


aids broad recovery 


AN OVERNIGHT improvement on 
Wall Street and the firmer dollar 
lent support to share prices in Eu- 
rope yesterday. Major bourses re- 
sponded happily to steadier ex- 
change rates with West German 
and Swiss blue chips and banks 
posting good gains. 

Frankfurt was led sharply higher 
by broad-based rallies in blue chips, 
chemicals and electrical issues. The 
Commerzbank index rebounded 
with a 222 rise to 1,986.4 as tbe 
steady dollar helped renew investor 
confidence at the start of a new 
quarter. 

Chemicals were actively sought 
and Bayer and BASF surged to 
year- highs. They advanced DM12 
and DM6.10 to DM373.50 and 
DM344.90 respectively. Hoechst 
gained DM9.20 to DM330 and 
pharmaceutical Sobering was up 
DM5 to DM614. 

In banks, Deutsche Bank adv-' 
anced DM7.50 to DM697, Dresdner 
rose DM5 to DM365, Commerzbank 
added DM4 to DM305, BHF adv- 
anced DM10.50 to DM495 and Bay 
emhypo gained DM9 to DM517. 

German bonds ended lower but 
the Bundesbank’s average yield of 
public paper rose to 6.31 per cent 
from 6.30 per cent on Wednesday 
due to a statistical adjustment 
made at the start of each month. 

Zurich picked up after a bout of 
profit-taking the previous day. Wall 
Street's slight overnight recovery 
lifted prices in fairly active trading. 

The Credit Suisse index adv- 
anced 8dB to 631.40 as selected 
banks, financials and leading indus- 
trials climbed. 

Swiss Bank Corp. gained SFr6 to 
SFr514, Credit Suisse was up SFr30 
to SFr3,490 and Swiss Volks bank 
rose SFY45 to SFr2 .370.. 

Amsterdam ended slightly higher 
in quiet trading as a firmer dollar 
sparked some late buying. The 
ANF-CBS index closed 0.2 higher at 
102 .3, helped by gains in blue chips. 

Akzo added FI 1.10 to FI 176.80, 
Unilever gained 60 cents to FI 
139.90 and KLM was up 40 cents at 
FI 54.80. Royal Dutch and Philips 
were unchanged at FI 267.50 and FI 
51.60 respectively. 


London 


STOCK MARKED were enliv- 
ened for several sizeable take- 
over offers and similar specula- 
tive developments. Active trad- 
ing in several major sectors help- 
ed lift prices. 

Tbe FT-SE 106 index ended a 
net 7J6 points up at 2.373JL while 
tbe FT Ordinary Index advanced 
7.2 to L8609. Details, Page 48 


Stockholm climbed to a record, 
spurred by a strong rise in the for- 
estry sector and rumours of a major 
Trelleborg-Boliden deal after yes- 
terday's suspension. 

Tbe Veckans Affarer all-share in- 
dex rose 21.6 to 1,200.6 in heavy 
trading. 

Oslo rose on hopes that the Gov- 
ernment could soon scrap supple 
mentary reserve requirements, 
thus giving leeway for lower inter 
est rates. The market had discount- 
ed yesterday’s announcement that 
the Government planned to impose 
a 1 per cent turnover tax. (Norway, 
Page 32.) 

Paris moved lower for its sixth 
consecutive session as concern 
about high interest rates and grim 
unemployment forecasts weighed 
on the market 

The CAC index shed 2.7 to 407.7 
with some bargain-hunting preven- 
ting a steeper decline. 

Brussels was quietly mixed as 
most operators remained sidelined 
amid continuing uncertainty over 
the direction of interest rates. This 
was compounded by the threat of 
renewed tensions wi thin Belgium's 
coalition government over a lan- 
guage dispute. 

The Brussels stock index lost 15 
to 5,113 25 in low volume. 


Milan slipped lower with moder- 
ate falls across the board in profit- 
taking. The Milan stock index 
(MIB) lost 8 to 881 in thin trade as 
investors departed. 

Madrid climbed higher in active 
trading as utilities began a series of 
cash-calls. The general index added 
1,72 to 312.96. 


KEY MARKET MONITORS 




STOCK MARKET INDSCES 


CURRENCIES (London) 


IIS BONDS 


Prew Year ago 


MCW YORK Oct 1 

DJ Industrials 2 617 35* 2596 26 1.7B290 
DJTnrcporl 1.Q5664” 1047 68 81513 

DJ 198 55* 

SSPCcmp 32526” 


19695 199 93 

32183 23360 


LONDON FT 

OtJ 

SEW 
A AU-tfia re 
A £00 
Gc-id mm as 
A Long pit 
World Act Ind 
(Sept 29) 


19609 

1.21497 

1.330 66 
4449 
996 
136 44 


1 S53 7 
23660 
1.206 89 
1 323 85 
4531 
995 
136 79 


1246 0 
r.5 7B3 
776 10 
P53 62 
3172 
995 
9643 


Nrkkoi 
Tokyo SE 


2S.77174 2&010B8 17.5644 
2.10833 2.13661 1.43231 


AUSTRALIA 

AJIOrd 2.2185 2J747G 12536 

MrtabSUns. U686 f.4009 6361 


AUSTRIA 

Credit Akflen 22923 22764 235.55 


SE 


5.11120 5.120 50 3.79967 


CANADA 
T o r onto 
Mot & Mine. 
Composite 


1373.1" 3.3T7.0 21610 
3.630-0* 3.902.4 2.9883 


P o rTtD O o 133208- 1JQ325 1.6084 


SE 


— 20603 18542 


FRANCS 

CAC Gen 

M-TNUNm* 


40770 41040 3825 
— !05l60 


FAZ-Akticn 

64588 639-60 

689.11 

Commerzbank 

1,986 40 1.96420 2.001.6 

MONO KONG HLang Seng 



334973 3.84X64 239024 

ITALY BmaComm. 



- - 

74256 

NeiNraUNDS 

ANP CBS 


Gen 

- na 

2784 

Ind 

na 

276.1 

NORWAY 0*0 SE 



56228 560.88 

3753 

StKQAAOKS Straits Tunes 



1.402.10 139820 

812,83 

SOUTH AFRICA J5E 


Gc*d5 

- 22770 

1,829.0 

India mala 

- 2257.0 

1.3750 

SPAIN Madrid SE 



31296 

199.41 

SWEDEN JAP 



3.15520 3.111.00 2.47042 

SWITZERLAND 

Swiss Bank kid 



725.00 71640 

548.1 

COMMODITIES (London) 

SAW (spot 

QcJ 1 

Pm 

48535p 

48885p 

Copper (cash) 

£1.139.00 £1,13360 

Coffee (Nov| 

£133900 £131230 

ON (Brent Blend) 

S 18.615 

51969 

GOLD (S/ozl 


Oct 1 

Pm 

London 

3455.00 

$45935 

Zurich 

545505 

$459.05 

Pans ffamg) 

545437 

S4S8S0 

LUkwnOOgrg 

545425 

$45945 

Haw York (Oac| 

545070 

$40620 



Oct 1 Previous 

Oei 1 Previous 

s 

- 

— 

1.6170 

1.6255 

DM 

18475 

18435 

29875 

300 

Ym 

14690 

146 45 

237 50 

2385 

mr 

61475 

6135 

9.94 

95725 

8fr 

1.5395 

15340 

X49 

2.495 

n 

Z0785 

2.0730 

336 

357 

lire 

1.333 

1,328 

2,156 2/158.75 

BFr 

3B.3S 

3820 

62.00 

6210 

cs 

1.3065 

1.3085 

2.1065 

2.1265 


October 1 


Prev 



Price 

Ywfd 

Price 

Yield 

8* 1989 

99*fe 

8.621 

QQ2SL. 

8621 

7 1994 

32"** 

9508 


9488 

5ft 1997 

93^1 

9.669 

93 “b» 

9.666 

8% 2017 

90**1 

9613 

90**r 

9.631 


Source' Hams Trust Savings Bank 


Tireemy Index 

October 1 


Oct 1 


Prev 


(ItanorUti offered rase) 

£ 


FFr 
FT 

(offered rate) 
3-vnonttiUSS 
6-month USS 


wu 

6% 

4% 

ev* 


m 

4b 

4 %t 

Ml 


8* 

flVu 

7*r 

7.85* 

£505* 


8% 

8% 

7* 

6,225 

681 


Matwity 

Return 

Days 

Yield 

Day's 

ly*«) 

index 

change 


change 

1-30 

16117 

+ 0.23 

6.93 

-003 

1-10 

154 63 

+0 12 

666 

-0.03 

1-3 

144 03 

+ 0.07 

&37 

-0X8 

3- 5 

157.57 

+0.17 

8.71 

-0.Q3 

15-30 

19358 

+ 0.59 

7.78 

— 0J33 

Source. 1 jUamti Lynch 




FINANCIAL FUTURES 


September i 
Price Yield 

AT AT 3% July 1990 

uch uch 


Prev * 
Price Yield 


9175 725 


Oct 1 


Letts 


High 

(«I» 


Um 


6% 32nd* el 100% 

Dec 01-24 02-08 8M7 


Sim points of 100% 

Dec 92-72 9275 

Car Uta tn of Deposit (DM) 
Sim points of 100% 

Dec ■— — 


Pm 

SCBT South Central 10ft Jan 189Q 


uch uch 

100.75 

1069 


PNbn Sal 8 Aprt 1996 
uch uch 

85.75 

10.58 

81-22 

TRW aft March 1996 

uch uch 

91 XX3 

1038 

02.69 

AfCO 9ft March 2016 

uch uch 

9195 

1080 


Sim posits of 100% 

9144 91 A0 9140 9U0 


Omm I Motors 0'* Apr* 2016 

UCh uch 71146 

CWcOffp 8% March 2D 16 

uch uch 6370 

Sown*: Salomon Bothers 


1020 


1130 


Esaoooaandsof 100% 

114-07 118-05 114-05 1M-21 


t&ttt avadotto tgums 



Money rate fears spark sell-off 


TOKYO 


THE PROSPECT of higher interest 
rates depressed the bond market 
which in turn drove equities sharp- 
ly lower in Tokyo yesterday, unites 
Shigeo Nishiwoki of Jiji Press. 

Tbe Nikkei average tumbled 
289.14 to 25,721.74, its first fall in se- 
ven sessions. Turnover, however, 
swelled from Wednesday’s 129bn to 
1.46bn shares. Declines outpaced 
advances by 574 to 343, with 124 is- 
sues unchanged. 

The broad slide stemmed largely 
from heavy institutional siting of 
i arge-capi talisation steel shipbuild- 
ing and chemical stocks triggered 
by reports that a Bank of Japan 
source had said the central bank is 
considering raising its official dis- 
count rate. 

Institutions unloaded large-capi- 
tals in big lots to take profits as 
they grew nervous about strong re- 
cent gains among the issues. Tbe 
bellwether index had gained 1,144 
points in six sessions until Wednes- 
day. 

Nippon Steel remained the most 
active stock, with 16.18m shares 


traded, but tumbled Y16 to Y416. Su- 
mitomo Metal Industries, third bus- 
iest with 43.09m shares, fell Y20 to 
Y318, Mitsubishi Heavy Industries, 
sixth with 2935m shares, Y23 to 
Y650 and Kawasaki Steel ninth 
with 2439m shares, Y17 to Y322. 

Large-capital chemicals also lost 
strength almost across tbe board, 
with Showa Denko, second with 
70.30m shares, weakening Y12 to. 
Y775, Mitsui Toatsu Chemicals, 
eighth with 26.12m shares, Y14 to 
Y785 and Ishihara Sangyo Y19 to 
Y831. 


per cent government bond due in 
June 1996 opened at 5.780 per cent 
against Wednesday's 5.T25 per cent 
finish and dosed higher at 5.910 per 
cent in block trading on tbe Tokyo 
Stock Exchange. It later surged fur- 
ther to 5.960 per cent in inter-dealer 
trading. 

On the Osaka Securities Ex- 
change (OSE), tbe OSE stock aver- 
age slid 7247 points to 26440.71 on 
a volume of 21346m shares, up 
2fi.08m shares from the previous 
day. The weak performance reflect- 
ed lower high-tech prices. 


Jardine Strategic, though, fell 60 
cents to HKS13.90 following news 
that it had bought a 20 per cent 
stake in US broker Bear Stearns. 


SINGAPORE 


In sympathy, high-tech stocks 
plunged on a wide front Hitachi, 
fourth with 39.77m shares, shed Y80 
to Y480, Toshiba, fifth with 3944m 
shares, Y32 to Y785, NEC YB0 to 
Y2470, Matsushita Electric Indus- 
trial Y80 to Y2.730 and Sony Y4Q to 
Y5400. 

Bonds fluctuated widely, reflect- 
ing uncertainty about interest 
rates. Co n t r as ti ng with rumours 
emanating from the Bank of Japan 
were reports that an official of the 
Ministry of Finance had denied the 
possibility of a rise in the key lend- 
ing rate. 

The yield on the benchmark 5.1 


HONG KONG 


IN A CHOPPY session alternating 
between profit-taking and institu- 
tional buying, Hong Kong share 
prices edged marginally higher to a 
fresh record. The Hang Seng index 
closed up 6.09 at a peak of 3449.73. 
Turnover was- a heavy HK53.73bn 
against HKS3.48bn on Wednesday. 

The Cheung Kong group was lift- 
ed by speculative buying prior to 
imminent results, with Cheung 
Kong up 60 cents at HKS1340 and 
Hutchison Whampoa 40 cents 
stronger at HKS1540. 


WITH NO fresh factors emerging to 
lend the market impetus, Singapore 
share prices vacillated narrowly to 
dose slightly higher. The Straits 
Times industrial index added 347 
to 1.402JL5 in turnover of 134m 
shares, down from Wednesday's 
16.1m. 

Sime Darby pulled back 10 cents 
of Wednesday’s falls to SS3.5Q in the 
day’s busiest trade of lm shares. 


AUSTRALIA 


A FURTHER slide in the gold price 
sent shares in Sydney sharply low- 
er as tbe sell-off from the previous 
day gathered momentum. The All 
Ordinaries index dropped 304 to 
24184 in moderate turnover. 

A fall in the Australian dollar 
worried foreign investors who with- 
drew from the market 

Gold stocks were hardest hit 



405 MILLION DM GAME 


Our best ever — the nevy greatly improved SUDDEUTSCHE KLASSENLQTTERIE .s ’82h<j Prize 
Game gives you golden opportunities- to. win even more than ever before- In fact there are 
bigger, better and more prizes than in any of our previous series. Well over^Z.OOO gua^anteed 
prizes with a total value of 405.610^000 DM’wit! be rafffecf.out of a mere 900:000 tickelnumbers. 


There will be 26 draws during the course of the 
series with the foOawing total of guaranteed Top 
Prizes: 32x 100,000 DM, 26x 290,000 Ml, 
8X500,000 DM, 14 X 1,fXKU»0 DM end 
6 X 2,000,000 DM. And another 437,506 
prizes ranging up to 80,000 DM complete our 
new offer. You will also find, that at the rime when 
numbers are drawn and eliminated, the prizes 
are much larger than the actual stakes paid. 


GOLDEN OPPORTUN IT I E S 


Making many happy 
winners is our business 


. . . and opportunities in the SKL are really 
super. With a limited supply of only 900,000 
ticket numbers in the game, we guarantee that 
437.592 prizes totalling well over 405 minion DM 
win be raffled. This means: nearly every second 
number is a winner, which creates the 
mathematical probability to win by participating 
with at least three rickets with different numbers. 
One complete lottery (series), extending over a 
6 month period, is divided into 6 classes. Each 
single da ss has 4 draws (one every Saturday) 
except the 6th (main) class which has 6 drawing 
days running over a penod of five weeks. The 
total of winning numbers and the value of prizes 
increase from class to class up to the last six 
draws of the series when six priz es of 2 oUfflon 
DM each will be raff fed! 


6X2 Million DM 
14 X 1 Million DM 
8 x V 2 Million DM 


= 1 2,000,000 
= 1 4,000,000 
= 4,000,000 


26k 250,000 DM - 6,500,000 DM 
32 x 100,000 DM = 3,200,000 DM 
30 x 80,000 DM » 2,400,000 DM 
34 x 60,000 DM = 2,040,000 DM 


42 X 50,000 DM = 2,100,000 DM 
60 X 40.000 DM = 2,400,000 DM 
84 x 25,000 DM = 2.100,000 DM 
540 X 10,000 DM = 5,400,000 DM 


436,716 prizes under 10,000 DM = 349,470,000 DM 


437.592 PRIZES AT A TOTAL AMOUNT OF 405,610,000 DM 


The lottery 

is state administered 


Buy tickets and win! 

Tickets are issued as full tickets, half tickets 
and smaller shares. All of them take part in 
the draws and have equal winning chances. 
But only full tickets receive 100 % of the 
prize money. Fractions of shares, costing 
their respective pans of the stakes, are 
consequently only entitled to their corres- 
ponding portions of the prize money. How- 
ever, the more tickets you play, the better 
your chances are of winning - and in order 
to keep it cheap - play fractions of tickets. 


To fain - just simply complete the attached order 
coupon and send H together with your remittance 
to the address below. Full information in English 
will follow with our delivery (ail overseas letters 
are airmailed), if you send your order and draft to 
arrive here before ihB first draw on Nov. 14lh. 
1 967, you can be sure that you will take part in til 
26 draws of the 82nd lottery right from the start 
and will have full benefit ot your stakes. 

Mr. W. Wesset 

j Government Accredited Lottery Agent 

UlmenstraSe 22. P.O. Box 1 04067 
D^SflO Ka&sn WEST GERMANY 


This institution, sponsored by the Federal States 
ol Baden-Wurttemberg. Bavaria. Hesse and 
Rhineland -Palatinate, is controlled by an official 
board ol directors in Munich. The prize schedule 
is the basis of the lottery showing all the prizes 
and drawing dales. This is complied and agreed 
to by 'the authorities involved before the series 
starts. All data shown thereon will be followed in 
detail. The draws are public and state controlled 
thus giving the assurance that aH prizes are given 
to their rightful winners. Tickets are sold solely 
through lottery agents, who have to be appointed 
by the financial ministers of the Federal States 
concerned. 


Cut out along dotted Etna and ma9 in an envelope. 


I 


Prompt and efficient 
service for all clients 


Each and every winner is Informed. You wlB not 
only be sent the official winning lists along with 
the renewal tickets every four weeks, but well 
also notify you personally and in strictest confi- 
dence immediately whenever you win. As all our 
clients' records are kept solely in our office end 
under professional secrecy, nobody else will 
know about your participation in the lottery or 
possible winnings. All prizes are immediately 
paid out in full, tree from German tax and accord- 
ing to your advice. All payments are made in any 
currency and to any address or person of your 
choice. Our service is worldwide - wherever 
there are postal faculties you can play our lottery 

ffu) get your prize money. 


P.O. Boot 104067, D-3SOO Kaaaal 
(Went Germany) 


your ehaqua and mail to: Mr. W. 

TICKET ORDER 

Pleaa sand me the (cHowlng SfiBttUISCflE B USSEHUTTHBE Octets by return post 

Fu# Tickets at DM 884 each (approx. USS 460or£skj 292) = DM 

Half Tickets at DM 432 each (approx. US$ 234or£$»g 146) = DM 

Quarter Tickets a!DM2l6eadi (approx. USS ll7or£stg 73} = DM 



Europe DM12 (approx. USS 6-50 or £ato 4.10) 
raffing charges Qwreeag DM 21 (approx. USS 11.40 or£stn 7.101 = DM 





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